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Topic: New yorkers take it in the @$$ again (Read 254 times) |
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minnie
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New yorkers take it in the @$$ again
« on: Apr 5th, 2007, 10:15am » |
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Some will be taxed on property tax rebates
April 5, 2007
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By Jay Gallagher
Jgallagh@Gannett.com
ALBANY -- The $1.3 billion in property tax rebates that the state plans to send out to homeowners this year won't all go into their pockets. Some will go back into the coffers of the state and federal government.
That's because the roughly 3.3 million (out of a total of about 8.6 million tax returns) New Yorkers who itemize their federal income taxes will have to declare the payments as income on their returns. About 2 million people itemize their state returns, and will also pay a state tax on their rebates, according to the state Department of Taxation and Finance.
"You have to report it -- it is what's reported to the IRS as a refund," said E.J. McMahon of the Manhattan Institute, a conservative think tank.
It will not affect the majority of New York taxpayers who take the standard deductions, said state Taxation and Finance Department spokesman Tom Bergin.
McMahon said having to declare the payments as income will cut the value of the rebates by about 15 percent to 25 percent, depending on the other financial circumstances of the taxpayers.
Only homeowners will get checks, and only for their primary residences. There are about 3.3 million people eligible, according to an estimate by the state Department of Real Property Services. Landlords, tenants and commercial property weren't included in the proposal.
The size of the check depends on where taxpayers live and their income. The higher the income, the lower the break, and people who make more than $250,000 a year don't get anything.
Homeowners will have to apply for the benefit, since it is based on income. The state hasn't yet figured out how the application process will work, said state Budget Division spokesman Jeffrey Gordon. And no time has yet been set for the checks to be distributed.
Last year, homeowners got rebate checks shortly before the Nov. 8 election. They didn't have to apply for that benefit, which totaled $600 million.
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Mac_Muz
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Re: New yorkers take it in the @$$ again
« Reply #1 on: Apr 5th, 2007, 4:34pm » |
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Seems like the Govt has it covered to me ...tax the tax which was taxed... So where is the problem?
This is why I call that state the Soviet Republic of New York, form where i resuced my wife. 
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Kirk
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Re: New yorkers take it in the @$$ again
« Reply #2 on: Apr 6th, 2007, 4:11am » |
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Another reason I stay about 2800 miles away from the place whenever possible.
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zwibbs/Scott
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Re: New yorkers take it in the @$$ again
« Reply #3 on: Apr 6th, 2007, 4:50am » |
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The tax structure in New York has always been ridiculous !!! To live here is very expensive, but----New York City is still the best.
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BarbaraD
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Re: New yorkers take it in the @$$ again
« Reply #4 on: Apr 6th, 2007, 7:14am » |
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They do that on Federal returns now. I've been yelling all year about it. If you received a state refund and file a Schedule A - you've got to report your refund as "income" on your 1040 the following year. WHAT'S WRONG WITH THIS PICTURE????
But there are a couple of "loopholes" if you use them right. I had to report some LA income from a refund this year, but ended up not having to pay anything on it.
It doesn't make any sense at all to me that you've ALREADY paid tax on that money and got a refund and NOW you've gotta pay MORE taxes on the damn refund??? Looks like -- "Just bend over please and get the Vaseline!"
Hugs BD
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Mac_Muz
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Re: New yorkers take it in the @$$ again
« Reply #5 on: Apr 6th, 2007, 10:22am » |
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Oh come now, everone knows the poly tics can't live with out PORK, and fat padded pockets... This year the polling is so early I can only wonder what will happen in 08? Will we be so sick of it no one votes, or could it be a win win and both the repubs and the demo's get voted out for some other party well over due to be IN.....?
I for one am sick of this one party system as they are both the same thing graft and more graft...
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BMoneeTheMoneeMan
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Re: New yorkers take it in the @$$ again
« Reply #6 on: Apr 6th, 2007, 11:35am » |
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I have not heard of this before, it seems weird the State would be giving a property tax break. I thought property taxes went to the county.
Anywho, if you pay property taxes, you write them off. If I paid $2000 in property taxes last year, I deduct $2k from my taxable income......so taxes are NOT paid on this money. The reason you have to add this money to your income now is because you wrote it off in a prior year.
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"Fool me once, shame on, shame on you. Fool - can't get fooled again"
Think of how stupid the average person is, and then realize half the population is stupider than that.
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stevegeebe
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Re: New yorkers take it in the @$$ again
« Reply #7 on: Apr 6th, 2007, 3:16pm » |
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Kinda like a bonus check..two for you...one for me.
Glad I did not get any FEMA or Red Cross dollars, otherwise I may have had to donated some of it back to the crooks.
Time to revolt. Let's all just not pay taxes next year. What are they going to do? Throw us all in jail?
Steve G
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BarbaraD
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Re: New yorkers take it in the @$$ again
« Reply #8 on: Apr 6th, 2007, 8:27pm » |
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I'm with you Steve-- A Taxpayers Revolt. Cut off their funding and they'll have to quit spending.. Naw... too simple....
But actually what COULD they do if everyone just refused to PAY?
But wait a minute -- how would I make a living? Better think this thru..... 
Hugs BD
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Mac_Muz
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Re: New yorkers take it in the @$$ again
« Reply #9 on: Apr 7th, 2007, 8:18am » |
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it would take 51% of us to pull that off.. There is no way to jail 51% of the population.... it amazes me what We the people allow the Govt to get away with...
I could get really hot about it, but this site isn't the place to do it...
all I will say is once the Govt used a chisel to nick away at liberty but they are gung ho these days and use air hammers and we just sit back and veg out.
I did some figuring the other day, when I found a pre 1964 silver quarter dollar was worth $3.38.
This makes it that in a sence gasoline is as cheap as it ever was, and with that quarter you should be able to get a gallon of gas, and $1.50 back in the current paper notes....
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