“I’d still prefer much lower rates from Congress before I support.”
—
I don’t see the sense in not providing deductions for local/state taxes. Why pay taxes of taxes? It’s a robbing Peter to pay Paul type setup.
“pay taxes of taxes?”
should be
“pay taxes on taxes”.
“I don’t see the sense in not providing deductions for local/state taxes.”
Short term pain, very long term gain.
The BIG SPENDING Democrat Donors in Dem-run States are the ones who will get clobbered by this.
Less money for Dems, more pressure on Dems to control spending, from the very people who finance their elections.
(Hollywood, Silicon Valley)
Yeah I am not big on eliminating the state/local tax deduction. I would expect such an uproar that they probably put it back in. I understand Trump’s push for tax simplification but first I’d just like to see taxes cut for everybody instead of this scheme which just pits states against each other.
When I was an accounting major at Illinois a long, long time ago the instructor for the Tax Course said that we would have to memorize 3 rules of taxation; everything else was subject to change, and so we would have to look it up.
Rule #2 was "the only fair tax is the tax that taxes you and not me." It took me a while to figure out exactly what that meant, but I get it now...
Perhaps the better question is, why should people from other States subsidize those who live in high tax States? It's just a shuffling that actually requires Federal taxes to be higher to "make up for" what States are taking from paychecks.