And they think this charitable contribution scheme has a chance?

From the Star Ledger:

IRS action on prepaid property taxes slammed as ‘naked political payback’ against N.J.

New Jersey Rep. Bill Pascrell Jr. and other Democrats on Monday accused the Internal Revenue Service of “naked political payback” for refusing to allow taxpayers to deduct their entire prepaid 2018 property taxes and threatening to step up enforcement of those who try to claim the tax break.

In a letter to acting IRS Commissioner David Kautter, Pascrell, D-9th Dist., and the other Democrats on the House Ways and Means Committee said there was no legal justification for the IRS to decide that only 2018 property taxes paid in response to an assessment — which would cover just the first half of 2018 in New Jersey — were deductible.

“We view this as a clear case of bureaucratic overreach, and now, as a result, many of our constituents are losing a valuable deduction — and consequently part of their hard-earned income,” the lawmakers said.

The ruling was issued Dec. 28, almost at the end of the year, though Kautter said he would revisit the decision following a meeting last month with Reps. Leonard Lance, R-7th Dist, and Josh Gottheimer, D-5th Dist.

The IRS had no immediate comment.

New Jersey homeowners, who pay the nation’s highest property taxes, rushed to prepay them once President Donald Trump signed a Republican tax bill that curbed the federal deduction for state and local income, property and sales taxes.

This entry was posted in Economics, New Jersey Real Estate, Politics, Property Taxes. Bookmark the permalink.

84 Responses to And they think this charitable contribution scheme has a chance?

  1. grim says:

    Whispers of 10-15″ for Northern NJ now.

    On a positive note, I leave for SXSW/Austin on Friday, if I can dig out by then, quick detour up to Seattle for coffee next week, then back home.

  2. Hold my beer says:

    It’s going to be 83 and sunny in Austin on Saturday.

    I have to mow my lawn this weekend.

  3. Hold my beer says:

    I will be glad when the Texas primaries are over. Getting tired of seeing ads with fat guys in trucker or cowboy hats holding rifles with their name and conservative.

    The women tend to have ads with their name and mother wife Christian conservative

  4. Hold my beer says:

    I’m hoping Nunberg and the mooch get their own talk show. They could call it crosswire

  5. Hold my beer says:

    Is Nunberg fast Eddie?

  6. Very Stable Genius says:

    @JoyAnnReid

    Sam Nunberg was just straight up asked live on TV if he is drunk or on drugs. … His answer included saying he is on anti-depressants, followed by: “well I didn’t steal from the campaign… I didn’t have an illicit affair…”

  7. D-FENS says:

    JCP&L reports 43,000 customers still without power since Friday. I’ve been on the Generator since then.

    Where the Fcuk is JCP&L? Murphy gets a big F—- for emergency response on this one.

    grim says:
    March 6, 2018 at 6:25 am
    Whispers of 10-15″ for Northern NJ now.

    On a positive note, I leave for SXSW/Austin on Friday, if I can dig out by then, quick detour up to Seattle for coffee next week, then back home.

  8. Very Stable Genius says:

    @chelseahandler

    This nunberg is a real potato head. Is this shit for real? Just being shitfaced on the news? That Oompa Loompa in the WH never ceases to amaze me with the stupidity and buffoons he surrounds himself with.
    Obviously, they’ll all end up in jail. It’s like a bad mafia.

  9. chicagofinance says:

    I am not joking……. has Murphy done anything except send a tweet? Maybe two?

    Where the F is he?

    D-FENS says:
    March 6, 2018 at 8:17 am
    JCP&L reports 43,000 customers still without power since Friday. I’ve been on the Generator since then.

    Where the Fcuk is JCP&L? Murphy gets a big F—- for emergency response on this one.

  10. grim says:

    I’m on JCP&L – one of the few houses in Wayne that isn’t on PSEG. We suffer every bad storm since there is one feeder line that runs down Rt23 and into our area of Wayne. Any line down near Black Oak will take us all out, and JCP&L doesn’t seem to give a shit, since we are the outliers. We were something like 11 days in Sandy. Our next door neighbor was out for 1 day (they face another street, supplied by PSEG).

    There was some talk of trying to force JCP&L to give up jurisdiction to PSEG, since they do a pretty good job with storm response in the rest of Wayne.

  11. joyce says:

    Personally, I found it annoying whenever a mayor or governor calls a press conference whenever there’s bad weather. They have enough face time with the camera.

    I understand this past storm affected people very differently… but come on.

  12. Blue Ribbon Teacher says:

    I’m on JCP&L – one of the few houses in Wayne that isn’t on PSEG. We suffer every bad storm since there is one feeder line that runs down Rt23 and into our area of Wayne. Any line down near Black Oak will take us all out, and JCP&L doesn’t seem to give a shit, since we are the outliers. We were something like 11 days in Sandy. Our next door neighbor was out for 1 day (they face another street, supplied by PSEG).

    That’s why you should live on a double yellow line.

  13. Blue Ribbon Teacher says:

    Friends father worked for JCPL. He says that the company that bought them destroyed it. They used to just drive around fixing everything right away. They now go through some convoluted approval process to operate on every pole which takes forever.

  14. Very Stable Genius says:

    Personally, as opposed to unpersonally, I don’t find it annoying when my prez tweets this stuff:

    @realDonaldTrump
    Lowest rated Oscars in HISTORY. Problem is, we don’t have Stars anymore – except your President (just kidding, of course)!

  15. You didn't build that says:

    The liberal agenda’s favors seduce the people a little at a time, always playing on their regressive longings to be indulged. Favor by favor, accompanied by the constant drumbeat of entitlement propaganda, the otherwise intelligent citizen is led to an increasingly erroneous conception of the proper role of government in a free society. Like a child molester, the liberal politician grooms his constituents until their natural cautions against yielding power in exchange for favors dissolves in reassurance.

    Under the creed of modern liberalism the individual citizen is not called to maturity but is instead invited to begin a second childhood. Like the child at play, he is given, or at least promised, ultimate economic, social and political security without having to assume responsibility for himself. The liberal agenda requires him to remain in an artificial environment–the daycare program of the grandiose state–where he need not become an adult, take responsibility for his own welfare, nor cooperate with others to achieve what the state will give him for nothing.

  16. Grim says:

    Evidenced by a San Fran rooming house with maid service and a house mother that makes you chicken soup when you are sick and never forgets your birthday.

  17. D-FENS says:

    At 3AM the day before sandy hit, I was on line waiting for a shipment of generators to arrive at Home Depot. The guy next to me was an ex JCP&L employee. He said after First energy took over they were miserable to work for. He found a job with NJTransit…says they were wonderful in comparison.

    Blue Ribbon Teacher says:
    March 6, 2018 at 8:35 am
    Friends father worked for JCPL. He says that the company that bought them destroyed it. They used to just drive around fixing everything right away. They now go through some convoluted approval process to operate on every pole which takes forever.

  18. No One says:

    You didn’t build that,
    Who are you quoting, Mark Levin? Ann Coulter?
    I don’t like the liberals, but I don’t think that the conservative playbook of attacking liberals without addressing their own faults (or recognizing that they have faults) is a long-term winning strategy.
    Nearly as useless as the liberal strategy of portraying all non-leftists as Neanderthal billionaire child-starvers.
    Ad-hominem attacks suggest a weak positive case for one’s own side.

  19. nwnj says:

    A big part of the liberal agenda is lowering standards everywhere. If you can’t measure up then your measurement is flawed.

  20. Libturd, AKA Dr. Howie Feltersnatch says:

    I am not joking……. has Murphy done anything except send a tweet? Maybe two?

    “Where the F is he?”

    At Montclair Board Of Education meetings. If he’s going to make a presidential run in 2020, he needs to shake a lot of progressive hands. There’s no place better than to do this than in Montclair.

  21. Ex-Jersey says:

    You guys are really, really moronic.

  22. Libturd, AKA Dr. Howie Feltersnatch says:

    Next weeks storm(s) could be larger. A little early to call, but the 12th is on the radar (somewhere over the Pacific).

  23. Libturd, AKA Dr. Howie Feltersnatch says:

    BRT…I bought a cast iron smoker box for my Weber and it worked OK. But I couldn’t figure out a good way to add more wood to the box once the wood burned off. I had surprisingly good results as well. It was just too messy. That $150 I spent on my electric setup was worth its weight in gold.

    BTW, if anyone is interested. My disabled brother-in-law is selling his Weber. It’s been used twice in three years (not lying). I think it’s the Genesis Series with the three burners and the side burner (propane, not NG). It’s always been covered and it’s in brand new condition. He paid $650, so I think $325 is overly fair. LMK. It’s in Manalapan right off 9 by Wegmans. I’m also trying to sell off his furniture. Hopefully Grim lets me do this. It’s a fukced up family situation and I’m doing my best to help fix it. I get nothing out of this except for good karma.

    https://stuartweissman.wixsite.com/sale

  24. Trick says:

    For Sandy we were out for 5 days, some houses took close to three weeks to get power. Our development has under ground lines and always comes back quicker then the folks in the valley.
    Driving around town this weekend it looked like a wars zone.

  25. Nomad says:

    Chi,

    Our elected officials are apparently going to allow the big banks to once again engage in proprietary trading. In your opinion will a lot of the fuel for the securities they create come from student loan debt?

  26. Fabius Maximus says:

    Lib,

    I have the NG version of that Grill and it is awesome.

    I have the propane CharBroil smoker I won in a raffle. After the first time I used it I retired my Weber Bullet. I would have liked the electric for the temp stability, but for a free smoker it is awsome. I would suggest you get a roll of Nomex tape to seal the door. I was losing a lot of steam in the gaps.
    https://www.amazon.com/gp/product/B00GIZ837I/ref=oh_aui_search_detailpage

  27. Fabius Maximus says:

    Sounds like someone from here.

    VERNON, N.J. (AP) — Authorities say a New Jersey man whose home has been without power since last week’s nor’easter threatened to kidnap a utility company employee and blow up a substation.
    https://apnews.com/33ce363cd4ba43a6a578daebad044c03

  28. Fast Eddie says:

    Liberals can’t even decide which bathroom to use, how can anyone take them seriously when it comes to the greater good? Then again, their idea of greater good is the destruction of anything counter to their opinion and views, believing that will level the playing field. They simply can’t think for themselves. They are indeed petulant children.

  29. Mike S says:

    PSEG isn’t that great – I was out 10+ days for Sandy, and that one random snowstorm in october where tons of trees fell.

    Have a generator hookup to my main panel now – haven’t had to use it (installed right after sandy)

  30. ex-Jersey says:

    Eddie, when did you become an expert on anything, least of all Libruls…..You are the person on this board least likely to think for himself as you so aptly coined it.

  31. Juice Box says:

    Grim un-mod me, please.

  32. ex-Jersey says:

    11:00 have some Creedance you dumb bastard:

    https://youtu.be/_9KKo8mZ5Eo

  33. ex-Jersey says:

    Ooops….Credence…..
    cre·dence
    ˈkrēdəns/Submit
    noun
    1.
    belief in or acceptance of something as true.
    “psychoanalysis finds little credence among laymen”
    synonyms: belief, faith, trust, confidence, reliance
    “the government placed little credence in the scheme”

  34. chicagofinance says:

    He is such an imbecile……

    Very Stable Genius says:
    March 6, 2018 at 8:37 am
    Personally, as opposed to unpersonally, I don’t find it annoying when my prez tweets this stuff:

    @realDonaldTrump
    Lowest rated Oscars in HISTORY. Problem is, we don’t have Stars anymore – except your President (just kidding, of course)!

  35. chicagofinance says:

    Student loan debt is a huge problem for the affected individuals, but is not a large enough issue that it would cause a systemic catastrophe……. (I am hoping I didn’t write something equally dismissive in 2006)….. doh! I am sure FlabMax will use his Elite 140 algorythms to rat me out.

    Nomad says:
    March 6, 2018 at 10:43 am
    Chi,

    Our elected officials are apparently going to allow the big banks to once again engage in proprietary trading. In your opinion will a lot of the fuel for the securities they create come from student loan debt?

  36. Libturd, AKA Dr. Howie Feltersnatch says:

    “least likely to think for himself as you so aptly coined it.”

    I think you must first refer to Moana.

  37. chicagofinance says:

    JCP&L in Monmouth County fcuked us to the tune of 2 weeks+ with Sandy…..and we have buried utilities. That said, the grid in my area has been completely top notch and incredibly reliable for the past 5 1/2 years.

  38. Libturd, AKA Dr. Howie Feltersnatch says:

    “but is not a large enough issue that it would cause a systemic catastrophe”

    Only way I could see this happening is if the economy tanks in such dramatic fashion that the Millennials can’t find any jobs and default en masse. This would also have required Wall Street to have leveraged up the derivatives they will surely be selling against the triple A performing student loan folio. Of course, with the new rules put into place, there are even less banks so the need for Uncle Sam to step in to save the remaining few will be even more necessary (which is a lie). Will we still call it Maiden Lane? Seems like Old Washed Up Wench Avenue would be more appropriate. Or Way Too Big To Fail Street.

  39. Libturd, AKA Dr. Howie Feltersnatch says:

    We were also out for a very long time post Sandy (over a week), but PSEG came through and trimmed the crap out of all of the trees remaining near their lines which run through our backyards in our area, so you don’t see them from the street. My guess is that they need to do this once again and they will.

  40. Stephenpieri says:

    CarbonFX – Forex – CFD – Crypto http://workle.website/38

  41. Libturd, AKA Dr. Howie Feltersnatch says:

    Did anyone recently close a mortgage with my man Carl Nielsen? He just gave me four VIP tickets to tonight’s Devil’s game!

  42. Blue Ribbon Teacher says:

    BRT…I bought a cast iron smoker box for my Weber and it worked OK. But I couldn’t figure out a good way to add more wood to the box once the wood burned off. I had surprisingly good results as well. It was just too messy. That $150 I spent on my electric setup was worth its weight in gold.

    I just have the flippable grate on the top of the grill open. I put the coals and chips on the floor. They are held against the wall by a tin tray with some water in it. I have 4 coals lit at all times and add chips every 20 minutes usually.

  43. Blue Ribbon Teacher says:

    Btw, I found chunks work well if you want more smoke

  44. The Original NJ ExPat says:

    grim – Are you starring in the sequel to Up in the Air?

    On a positive note, I leave for SXSW/Austin on Friday, if I can dig out by then, quick detour up to Seattle for coffee next week, then back home.

  45. The Original NJ ExPat says:

    Leftover post from the Obama years?

    That Oompa Loompa in the WH never ceases to amaze me with the stupidity and buffoons he surrounds himself with.
    Obviously, they’ll all end up in jail. It’s like a bad mafia.

  46. Libturd, AKA Dr. Howie Feltersnatch says:

    Chunks are the best. No need to soak wood either. There are so many BBQ myths, it’s simply astounding. From mustard before the rub to smoking time (no more than half the cook). Same thing with prepping turkey. Dry brine is the only way to go. I still haven’t settled on a good brisket rub off the shelf. A lot swear by Plowboys Yardb1rd and I bought and use it a bit, but it’s too salty for my taste. On cheaper cuts of steak, I like a good Montreal seasoning. For top cuts, just salt and pepper.

    I’ve been experimenting a lot with grilled fish lately. I absolutely love porg1es grilled with lime juice and garlic pepper. Though I found two amazing salmon recipes. One is a jerk style that is countered by a simple pineapple salsa. The other is a simple teriyaki + maple where I finish it in a pan where the sauce reduces to a thick reduction. Both rock. The seconds much easier though.

  47. Libturd, AKA Dr. Howie Feltersnatch says:

    Learned a new mod word. 0rgy. As in porg1es.

  48. chicagofinance says:

    Uh-oh…… deal cut back to $40B…… getting sloppy…… someone in carpetland is p!ssed!

    chicagofinance says:
    March 6, 2018 at 11:26 am
    https://www.bloomberg.com/news/articles/2018-03-06/cvs-starts-blockbuster-debt-sale-to-fund-68-billion-aetna-deal?srnd=fixedincome

  49. The Original NJ ExPat says:

    8:54 – But in providing for his own material and interpersonal well- being, and the well-being of those for whom he has assumed responsibility, the competent person has no need of parental services. While always humanly fallible and vulnerable, and always subject to failure and loss, his efforts to run his life through his own initiative ordinarily suffice well enough and are personally satisfying in their own right. In particular, he has no need or desire for the government to assume a task that he is able to perform for himself, with or without the assistance of others. Beyond certain very limited though critical government functions, such as the protection of property and contract rights, military defense against other nations, and the coordination of those relatively few matters best regulated as public goods, the competent man desires only to be let alone by the government in order that he may continue to live his life as he chooses – while he honors the rights of others to do the same.

  50. chicagofinance says:

    Bankers must be sh!tting…..they just lost 40% of their comp…….

  51. Trick says:

    Currently have a brisket in the instant pot cooking low and slow,
    Last week we did pulled chicken with the pressure cooker, 25 minutes and the thighs fell off the bone.

  52. Libturd, AKA Dr. Howie Feltersnatch says:

    Our three favorite appliances are the Instant Pot, the Air Fryer (which somehow needs a larger surface area (had naked wings last night that were fantastic with vegi tots and no oil added whatsoever)) and the electric smoker. Barely use the range or oven anymore.

    The air fryer complete eliminates your oil use. And once you’ve had an air fried hot dog, you are never going back. It tastes exactly like a Rutt’s!

  53. Bloomberg News says:

    Is that Air Fryer brand or another brand?

  54. Juice Box says:

    re: “mustard before the rub”

    It’s purpose is glue.

  55. The Original NJ ExPat says:

    I imagine you’d be sentenced to death if you called her sugar-tits.

    A man has been convicted of sexism in a public place for the first time under a new law in Belgium.

    A court in Brussels fined him €3,000 for insulting a police officer because of her gender, Le Soir reported.

    It comes as France prepares to create an offence of street harassment, described as “sexist and sexual outrage”.

    The Belgian case involved a driver who was stopped for breaking the highway code. The young man – who has not been identified – insulted the police officer because of her gender, the court heard.

    He was reported to have said she would be better off doing a job “adapted to women”, in a scene witnessed by several other people.

    The driver was found guilty of three charges: contempt of a police officer, making threats and sexist remarks in public, and a serious violation of another person’s dignity because of her gender.

    http://www.independent.co.uk/news/world/europe/belgium-sexism-law-public-place-man-first-convicted-brussels-fined-police-gender-a8242706.html

  56. SorryToLeave says:

    I have an idea…

    Hmmmm… maybe stop electing people that support policy that makes your taxes so high? LOL.

    Doh. That was hard.

  57. The Original NJ ExPat says:

    chi – Does a $40 billion offering sidestep the S&P debt downgrade that went with the $44 billion offering?

  58. Libturd sporting Tiger Wood says:

    “It’s purpose is glue.” I find it completely unnecessary. Doesn’t alter the flavor and the rub stays on just fine if you don’t move your meat, which is unnecessary in indirect heat.

  59. 3b says:

    Murphy declares state of emergency starting tonight at 8:00 P.M

  60. The Original NJ ExPat says:

    the rub stays on just fine if you don’t move your meat;-)

  61. joyce says:

    They have an actual contempt of cop law over there. Great.

    The Original NJ ExPat says:
    March 6, 2018 at 2:29 pm

    The driver was found guilty of three charges: contempt of a police officer,

  62. Ex-Jersey says:

    Smoke C@ck. That’s what you fellas smoke alright.

  63. nwnj says:

    Liberals are losing their minds. Trump derangement syndrome in effect.

  64. Blue Ribbon Teacher says:

    Chunks are the best. No need to soak wood either. There are so many BBQ myths, it’s simply astounding. From mustard before the rub to smoking time (no more than half the cook). Same thing with prepping turkey. Dry brine is the only way to go. I still haven’t settled on a good brisket rub off the shelf. A lot swear by Plowboys Yardb1rd and I bought and use it a bit, but it’s too salty for my taste. On cheaper cuts of steak, I like a good Montreal seasoning. For top cuts, just salt and pepper.

    I’ve been experimenting a lot with grilled fish lately. I absolutely love porg1es grilled with lime juice and garlic pepper. Though I found two amazing salmon recipes. One is a jerk style that is countered by a simple pineapple salsa. The other is a simple teriyaki + maple where I finish it in a pan where the sauce reduces to a thick reduction. Both rock. The seconds much easier though.

    A trick I do when smoking is have the meat above a pan to collect the drippings. I add water to collect the drippings and keep it hydrated. That water traps a lot of the smoke in itself. I pour it all out halfway through through a strainer and then I cool it down quickly. I use it as a smokey spray for the meat.

    I love smoking turkey and pulling it.

    My favorite thing to do with grilled fish is wrap it in grape leaves and then grill those.

  65. Blue Ribbon Teacher says:

    Someone discovered the Rutt’s Hutt relish recipe in an old newspaper clipping.

    https://www.flickr.com/photos/kenwalker/5533937872

  66. Ex-Jersey says:

    Blue Ribbon likes pulling his turkey neck. Fwapppityyy Fwappppityytytyyt

  67. No One says:

    Re Uber. My SiL recently tried to get Uber to take her from Somerville, NJ to JFK. When he showed up he rejected the ride to JFK, said he didn’t want to drive that far, she argued, he said he doesn’t get to see the destination until he arrived for her, then he agreed to take her to Newark where she had to call another Uber to drive her to JFK. The net result was also an increased total cost of the ride (Somerville to Newark then Newark to JFK) vs the initial price quote for Somerville to JFK).
    I didn’t know that the Uber drivers don’t even get to see the ride destination until they show up, but if the driver can reject, that can make Uber pretty unreliable.

  68. Libturd sporting Tiger Wood says:

    Had same thing happen to me once at Newark Airport. Driver said he could only drive people to NY. Not a big deal as there are no less than 100 drivers available at any time at the airport.

  69. Juice Box says:

    Amazon has 6000 dogs at work on any given day in Seattle in the Doppler building?

  70. chicagofinance says:

    Gary Cohn RIP

  71. chicagofinance says:

    S&P and Moody’s are hired by CVS to rate their debt. Their analysts have met extensively with management and have an ongoing dialogue through the passage of time. While today’s action was driven by conditions (i.e. depth of the market at a given price talk), nothing is out of the realm of the expected. The ratings are not refined that this difference would cause them to change twice in a day. Ultimately the ability to repay is driven by long term solvency, and the estimates of future operating cash flows to support the debt are what they are.

    I am not the expert though…… No One was once one of those drones….ask him…..

    The Original NJ ExPat says:
    March 6, 2018 at 2:33 pm
    chi – Does a $40 billion offering sidestep the S&P debt downgrade that went with the $44 billion offering?

  72. chicagofinance says:

    BTW ratings are pointless…… “prices” are the real ratings….. the only time ratings matter is when there is contractual language that may hinder the ability of an investor to commit capital (e.g., invest in investment grade securities; invest in AAA rated securities).

  73. Very Stable Genius says:

    @GiantGooner

    Not that it makes it better, but if he had resigned post Charlottesville (ie within 1 year of joining the administration) he would have owed taxes on his sales of GS stock. Now that he’s lasted a year, his sales are tax free. Suspect that’s why he waited.

  74. Very Stable Genius says:

    @kurteichenwald

    Who will replace Gary Cohn? A pro-tariff Republican? They don’t exist except at Trump rallies. Maybe some ignorant Congressman who worked as a dentist and is part of Cult45.

    Economics is a tough discipline. Frances the Talking Mule can’t handle the job.

  75. No One says:

    I’d say that subprime vs investment grade is usually pretty important, but bond investors are usually ahead of the official upgrades and downgrades. Most companies that are investment grade will work to keep the BBB rating.

  76. The Great Pumpkin says:

    Econ professor says experts are wrong on inequality — it’s actually much worse! – MarketWatch
    https://apple.news/A67imE7B3RauMQsB8ET-zFQ

  77. Ex-Jersey says:

    Trump will make his golf caddie Chief Economic advisor.

  78. Simon says:

    question for board.

    Anyone have experience or opinion on split, ductless, hvac systems? For example:

    http://www.fujitsugeneral.com/us/residential/what-is-a-mini-split.html

    Thanks.

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