Hence we perceive that the clause which declares the supremacy of the laws of the Union, like the one we have just before considered, only declares a truth, which flows immediately and necessarily from the institution of a federal government.
More immediately, taxpayers in high-tax states are rushing to see whether they can seek extra relief ahead of a new cap on the state and local tax deduction that will go into effect on Jan. 1. Taxpayers will get to deduct only up to $10,000 in both property and income or sales taxes going forward, and GOP negotiators specifically banned people from prepaying 2018 income taxes this year for an extra tax break.
1 The threshold below which small businesses can claim an immediate deduction for the cost of assets will be temporarily increased from $1,000 to $20,000 from 7pm 12 May 2015 to end of June 2017. The federal government will not impose new taxes on super in the 2015 budget. 2  The supervisory levies paid by financial institutions will increase. 3  From 1 July 2016 the proportion of income that can be excluded from any pension income test will be capped at 10 per cent.