All this does is give cover to blue state hellholes who can't manage their budgets.
Get rid of all federal tax deductions and let's have a simple 10% flat income tax.
Not gonna happen.
The standard deductions are going to be doubled - this should mean that many people will no longer gain any advantage in itemizing their deductions and thus not need to consider SALT at all -in fact, the only taxpayers who will be hurt by this proposal are the relatively wealthy who pay very high local and state taxes and thus have itemized deductions higher than the new, higher standard deductions - since lefties are always complaining that Republicans want to lower taxes on the rich, it’s hard to see why they’d object to this idea.....
At this point, unless you are a straight W-2 employee, it is virtually impossible to complete & file a tax return w/o Turbo Tax.
No one wants to play for America.
If they up the SD to $24k it should offset for most people...
New York citizens can deduct their state income taxes from their gross income for federal purposes. I live in Texas and we have not a State Income Tax. As a result I am subsidizing New York State citizens relative to federal income tax.
Property taxes in Texas are higher than in New York. In this case New York is subsidizing me as it is a deduction from my gross federal income.
Both of these deduction should be eliminated and federal tax rate adjusted so as to be tax neutral for all states.
If such were done Texas can not bitch about New York nor can they bitch about Texas.
PS
Upstate New Yorkers are welcome in Texas, they are actually mostly conservative. New York City not so much, but I must admit that our great president is born, breed and a product of New York City. Sometimes they get it right.
For many of us, state, local and real estate taxes were lost years ago to AMT. AMT is a very Orwellian tax. The government calls it an Alternative Minimum Tax. In reality, it is an Alternative Maximum Taking.
Seems like a scam for the feds to allow "breaks on State and Local taxes" so folks in the onerous States get their break on the backs of everyone else...
“high tax state of Maryland “
Maryland is only a 5.75% income tax for $250,000 but graduated up to that, which is about average, not high.
The additional $12,000 Trump has for doubling the personal exemption says you’d have to make at least $500,000 for this to even begin to effect you.