No objections here.
Sounds like a WIN WIN!!
I live in a blue state. The majority of the populace needs this painful lesson. Whether a significant percentage will learn from it I cannot say.
Another way of putting it:
These states have had their state-level benefits subsidized by Federal revenue losses for long enough. Time to level the playing field.
Outstanding
That means that the original deduction was targeted to benefit only those 4 states. What goes around comes around. Sweet and simple.
No, how about the reality of this situation - blue states are run by commies who love to tax their citizens because they don’t know how to run their states without the extra money. Unfortunately, I happen to live in the worst blue state of all - Commiefornia.
It is about rewarding your friends and punishing your enemies and if THIS presidemt doesn’t understand that he’s got another thing comin’.
If you consider that those four states mentioned also contain a substantial portion of the country’s population that 44% figure is not as ‘unfair’ as it initially sounds. It was probably phrased that way on purpose to generate outrage.
Do you all believe that people who make much more than you do, somehow "owe" you something/should be "punished" for being able to make that much money ( of course, not the ones you like, such as the president}?
How about the deductions that YOU can't use ( lower tax rates for capital gains, depreciation, lowering one's tax burden, by giving children/grandchildren a trust ) because you either can't afford to, or some other reason?
And IF/WHEN people, in high tax states, move to where you live, that'll REALLY get all of your collective noses out of joint...now won't it; even if some of them are CONSERVATIVES!
I see the blue state aspect here, but unfortunately for this Trump voter, I live in a blue state.
What bothers me is that removing deductibility for state and local taxes means that you are subject to double taxation on the same income from multiple jurisdictions. So, if you pay state and local taxes, under this plan, the Federal government taxes you on income you don’t have, because the state took it away.
In some European countries, this sort of multiple taxation is how they occasionally got to tax rates above 100%. Now, that won’t happen here... at least for a while... but I don’t like double taxation, even if the rest of his proposals will make it up to me in some other way (like a reduced top rate or a larger base deduction). It’s a bad principle that will be abused by later Congresses.
state and local taxes. Help me out folks I’m a little sleepy. Does this mean property taxes?
Works for me.