Too bad those States don’t have any Senators representing the State Gov’t....
Subsidizing New York, New Jersey, and Connecticut shifts the burden of funding the treasury to other federal taxpayers.
These states should pass legislation that forces taxpayers to repatriate any tax savings they realize from the federal tax cuts back to the state on their state return. Should go over really well.
If Cuomos theory is that the GOP increased taxes on the middle class and cut taxes for the rich then he should compensate by passing a state law and increasing taxes on the rich and cutting taxes for the middle class. Otherwise hes a hypocrite.
These Dem lawsuits are to benefit the top wage earners and property owners in their states, as they are the only ones negatively effected by the new tax law. I am one of them. This new law limits are federal deductions for state income tax and property taxes.
Oddly, our ability to deduct 100% fo these state and local taxes is ALREADY limited by the alternate minimum tax, which was passed by liberals to see to it that top wage earners and property owners paid their “fair share”. The AMT discriminates against these states. Will this suit, if successful, ( it will not be) also necessarily throw out the AMT?
As per the Los Angeles Times, only the top 18% of CA residents are negatively impacted by the new tax law. In New York it is the top 16%.
It’s nice to see the Dems coming to the rescue of top earners, like me.
Maybe they’ll get the entire Internal Revenue Code declared unconstitutional!