Federal election Democrats from California and New York State are more worried about having state taxpayers than federally paid babysitters.
Unless the state and local tax limitation is removed, elected Democrats in the House and Senate will not support Biden’s “infrastructure” bill.
As high-income folks foresee 2022:
California ~= 40% federal + 3% Medicare + 12% FICA +13% state ~= 68%
NYC ~+ 40% federal + 3% Medicare + 12% FICA + 10% state + 7% NYC ~= 72%
Florida/Texas ~= 40% federal + 3% Medicare + 12% FICA ~= 55%
High-income folks would keep about 60% more of their money by fleeing AOC’s NYC.
It should read:
Unless the $10,000 state and local tax deduction limitation is removed from federal tax law, elected Democrats in the House and Senate will not support Biden’s “infrastructure” bill.
Remember:
The tax flight from the high-tax blue taxes to red states like mine(Florida) is causing the biggest infrastructure problems.