Read #106
This is why this nearly 500 page “tax reform” law is really “deduction reform”. For millions of individual taxpayers it puts a nickel in your left pocket then takes a dime out of your right pocket.
It’s overly complicated, picks winners and losers, smells of crony lobbyist corruption, and fails the campaign promise of cutting taxes for all. It’s phoney tax reform. Just like the phoney Obamacare “repeal” crap Congress was pushing a few months back.
Yeah I’m not saying it’s perfect. It doesn’t simplify our tax code. But I don’t hate it either. And I’m not caring if I pay more or less, but if it gets companies back on US soil, it accomplishes one great thing.
It does seem to selectively punish blue states. Whether by design or chance, I don’t know. But taking the issue of state taxation out of federal calculations is a good thing - states need to stand on their own without relying on federal deductions. In an odd twist, those in red states have been subsidizing blue by paying the full amount of federal tax owed because those in blue states (ie, heavily taxed) get their federal income taxes reduced because of those state taxes. They are separate issues and should never have been combined.