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Republicans aren't usually big on raising taxes, but they're really eager to eliminate the federal deduction for state and local taxes.
Why? A look at the states that benefit the most from the tax break helps explain it - they are all Democratic strongholds. New York, Connecticut, New Jersey and California top the list of states where taxpayers get the biggest deductions. Not a single Republican-leaning state ranks in the top 10.
They will face a backlash from within. Many GOP house members from those states will push back as they will be toast if something like this passes, Peter King esp.
As the GOP has gained control of many State Legislature's their policy of cutting taxes for the 1% has led to Real Estate tax increases in those states.
The policy is forcing each county and city to generate more income to offset the deep cuts that the GOP does.
Bills need to be paid and the GOP is pushing those bills to smaller and smaller groups who earn less then average.
This would only effect people who itemize. They've long had an option where you could deduct state tax or sales tax--most Californians came out better deducting state tax.
But I've also heard that raising the standard deduction was being discussed, so for some people they may come out ahead.
And anyone with that much money has a CPA that can "find" deductions elsewhere to make up the difference.
Edit: I meant in the form of advance tax planning, not scamming.
They will face a backlash from within. Many GOP house members from those states will push back as they will be toast if something like this passes, Peter King esp.
I think this is just part of simplifying the tax code. Rates will most likely come down for everyone.
Excellent. Stop mitigating the affects of excessive local taxation.
Exactly Bob, you nailed it!
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