Posted on 11/30/2017 2:32:05 PM PST by Oshkalaboomboom
As the GOP’s tax-cut bill advances through Congress, Republicans should completely scrap the federal deduction on state and local taxes (SALT).
While this reform is not yet enacted, it's already having a positive effect. Liberal Democrats are holstering their magic wands and focusing on the consequences of their lust for high taxes.
"We’ve got to hit the pause button right now," Democrat Steve Sweeney, president of New Jersey’s State Senate told Fox News Channel’s Neil Cavuto on Nov. 21. "After I had got elected, I had said, 'First thing on the agenda is the millionaires' tax. We gotta get it for school funding.' And then this happened, and it’s like, 'Wait a minute, I gotta take a step back and be more pragmatic and think about what’s best for the state of New Jersey.' You know, 1 percent of people in the state of New Jersey pay about 42 percent of its tax base. And you know, they can leave."
Sweeney seemed chastened, refreshingly cautious, and suddenly aware that hiking levies on those who already pay more than their fair share of taxes is a perfect way to "force people to look to another place" to live and work. And if paying 42 percent of income taxes is not beyond "fair" for the top 1 percent, then what is?
Tax-happy Democrats elsewhere seem similarly concerned.
"The repeal of SALT could force an uncomfortable tax discussion for high-tax states," Politico recently reported. "Should they consider lowering tax rates, to alleviate the additional tax burden that the elimination of the deductions creates? Or keep taxes as they are — and run the risk of losing wealthy residents who might move elsewhere to soften their tax burden?"
(Excerpt) Read more at newsmax.com ...
And politicians from both parties who appear to be in a rush to push through legislation before Christmas are hoping Americans don’t have the time to pay attention.
Read this:
Why Eliminating The State And Local Tax Deduction Is A Terrible Idea
A great piece by Ryan McKaken.
But, it's all over now except for the crying.
The ba$tard, back room and back stabbing GOPe is going to pass their massive tax cut for their donors and give the rest of us the bill.
I hope they choke on it.
Trump signs a massive middle class tax increase, it’s all ovef.
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