HA! It is to laugh. The Sackatomoes Bee is the mouthpiece for the legislature of the highest taxation state in America and now they’re getting their lacy panties all wadded up over a tax increase? Forgive me if I am suspicious of their righteous indignation.
A larger personal exemption, taken right off the top of “taxable income”, makes the itemization of most deductions a moot point. And what is the economic value of “spending” a dollar to get back maybe $0.12 or $0.25? Objectively, it simply does not make sense.
Fiscally, it makes most sense to UNDERWITHHOLD the amount of taxes due as of the date of filing, because that “float” of money between the time it was paid in withholding, until claimed back by the filing taxpayer, is an interest-free loan to the government, and one of the devious ways they “cook the books” when it comes to tax policy. That, and the SECOND income tax assessed against all wage income, Social Security, is highly regressive, hitting at first dollar earned from wages, and for very high wage-type incomes, over $127,200, additional wage income is NOT subject to Social Security collection.
And of course, the very wealthy never collect a cent from Social Security.
You nailed it.