“Eh, this will still only impact a very small % of Republicans in liberal states after accounting for lower tax rates and higher standard deductions”
There’s no evidence to substantiate that.
First, it will affect every taxpayer who itemizes. That’s 43 million households. In every state.
One could argue that some of those will be peeled off with the lower standard deduction. But doubling that from ~$6,300 hardly covers the loss of SALT for most.
Remember, SALT covers every excise tax, property tax, school bond tax, sales tax and state income tax.
I and several I work with will get hammered.
Income and cost of living are more a determinant than state you live in.
I itemize to the tune of more than double the standard deduction today and still will get a big tax cut after this. And actually there is evidence to substantiate it - the WSJ posted an article two days ago that said over 70% of income earners between $150k and $415k would receive a tax cut while less than 30% would get a tax increase. Those receiving a tax cut were twice as large, on average, as those receiving a tax increase (ie those between $150k and $415k, net collectively had taxes go down $4 for ever $1 it went up, at worst). And that was the *worst* group of anyone at the median level.
“Remember, SALT covers every excise tax, property tax, school bond tax, sales tax and state income tax.”
You may want to read up on the tax laws a bit. You need an OR, in the above sentence.