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If you live and work in California or New York and earn less than $389, 000 for couples and $194,500 for singles and follow the Taxpayer Party platform, you don't need to pay any State nor Federal income tax.
According to the IRS's Taxpayer Bill of Rights, "each and every taxpayer has the right to pay no more than the correct amount of tax." Taxpayers have to pay ONLY the amount of tax legally due and to have the IRS apply all tax payments properly.
The new tax law recently passed by Congress is the broadest overhaul of the tax code in one and a half generations. Although touted as "do your taxes on a postcard," it opens as many new preferences for special interests as it closes. The modification of the mortgage interest deduction, combined with the steep drop in the deduction for state and local property taxes is especially damaging to California and Californians. According to Governor Jerry Brown, the new tax plan will devastate our state and put a stranglehold on our citizens. The new tax code will reach into every corner of California's economy and affect every taxpayer in our state. The Governor calls it "evil in the extreme" and a targeted assault on California.
Every economist at the non-partisan Joint Committee on Taxation, the Treasury Department's Office of Tax Analysis and the Council of Economic Advisors all agree: In a mature economy such as the United States, tax cuts have negligible effect on economic growth. Tax changes are always primarily about wealth redistribution.
Given that fact, members of Congress' first and most important item to consider is whose welfare is most worth improving--Californians or their own constituents? And the majority have decided to declare economic warfare on California.
So what do we do? The good news is once passed the tax code is law and it typically takes 1 1/2 generations for any revisions. And any tax bill has legal loopholes--especially this one.
Trump purportedly wanted to simplify the tax code. This new law actually--according to Forbes Magazine--makes it much more complex. The new tax bill is 1,000 pages long and the intricacies of the charitable contribution deduction create the optimal opportunity for gamesmanship.
The best new tax strategy for Californians and New Yorkers: live large and make large charitable contributions. The tax math works. By exploiting certain provisions in the new tax law, Californians who make large charitable donations will actually end up with more money now than they would have under the old tax code. And, in point of fact, they will make more money by making charitable donations than if they donated nothing at all. Under the new tax plan, charitable giving becomes a money making opportunity.
You have three choices: file, fight, or flight. We recommend file. The Taxpayer Party will supply you--free of charge--online tools showing you step-by-step how to file for your charitable contributions--making it a simple and easy and tax code compliant process. We will supply you with Excel formulas that will allow you to make exact comparisons--all free of charge.
Because state and local taxes (deductions) fund schools, hospitals, libraries, fire, police, etc. that all Californians depend on for our quality of life, this shortfall can be made up for by using your unprecedented charitable windfall to make up the difference, save for retirement, college, or whatever else you choose.
"We're doing this to circumvent the bill?" Governor Andrew Cuomo of New York asked. "You're damn right I am."