NO.....
It iss about damned time people living in high-tax statesstartbpaying thier fair share of the costs of Liberaism, instead of those of us in the low tax/ sanity states subsidizing it.
New York and California are going to start feeling real political pain over this.
California & NY do not exist in a vacuum. Expect real pain for the national economy has the housing market starts to slide along with all other services connected to it.
I could care less about revenge when the entire economy will take the hit.
“people living in high-tax states start paying their fair share”
That’s the ticket. We have to throw that shibboleth right back into their faces. They wanted to tax the rich, they got it.
It iss about damned time people living in high-tax statesstartbpaying thier fair share of the costs of Liberaism, instead of those of us in the low tax/ sanity states subsidizing it. So paying taxes upon taxes you already paid is now a Conservative position? Since when?
The tax bill changed a position that had been part of the tax code since 1862.
It’s worth pausing to consider the origins of the SALT deduction. The provision has been a feature of federal income taxation since 1862, but its roots run even deeper in U.S. history. Since the early years of American nationhood, political leaders have been arguing about the need to protect state revenue sources from federal encroachment — as well as the dangers of double taxation to individual taxpayers. Initially, at least, champions of a strong federal power to tax were able to deflect both arguments. In a 1986 article for Publius, Sarah Liebschutz and Irene Lurie noted the importance of state taxation in arguments over ratifying the Constitution. In particular, supporters of a broad federal taxing power “argued at length against those who feared that ‘all the resources of taxation might by degrees become the subjects of federal monopoly, to the entire exclusion and destruction of the State governments.’”
When the Corporate rate was slashed from 35% to 21%, guess what the Goldman Sachs boy Steven Mnuchin, Goldman Sachs boy Gary Cohen, two-faced Paul Ryan, and House Ways and Mean Chairmen Kevin Brady did?
They went searching through the cushions of the Federal tax code looking for spare change to make up for the $4 Trillion dollar shortfall caused by giving the Corporations such a massive tax cut.
Personal Exemption? Now illegal. SALT deductions (again, been in there since 1982 and predicated on the Federalist Papers) - now illegal. RV deduction for Mr. and Mrs. Average so they can dare to have a meager family vacation? Now illegal. And on and on.
The "middle class tax cut" transferred the Corporate tax cut bill to individuals and families.
Not exactly fulfilling the campaign promise, is it?
Most Corporations spent their windfall through massive stock buybacks. This benefitted them greatly (super), but that injection to the markets is now over.
Millions of middle class and upper middle class taxpayers who were screwed by the tax bill will live with the consequences for years.
"We're doing this for middle-income people, where it belongs."
We lost many House seats directly because of the tax bill? Don't believe me? Fine. I, and others, predicted in Dec 2017 that if this bill passed, we would lose the House.
And it will continue to be an albatross around the neck of the GOP in 2020.