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Tax cut for everyone

Goldhedge

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#1
Tax cut for everyone

By Stephen Moore - - Sunday, December 3, 2017
ANALYSIS/OPINION:

Whenever I’m asked whether the Trump tax cut is for the rich, I say yes. It is a tax cut for the rich. It is a tax cut for the middle class. It is a tax cut for small businesses. It is a tax cut for the Fortune 100. If you pay federal income taxes, you will in almost all cases, be getting more take-home pay come January 1.

One of the ironies of the mantra of tax cuts for the rich is that many upper income people I know in states like California, New Jersey and New York complain to me they are getting a sizable tax increase. The lower income tax rates don’t compensate for the loss of the state and local tax deduction.

Well, yes, under the Trump tax plan we are no longer going to subsidize big government in blue states. Now those who choose to live in blue states are going to have to join with their neighbors, collect their pitch forks, and demand tax and spending cuts from city hall and the state capital.

Here’s some advice to blue state pols: Start with paring the hyper-extravagant pensions and stop paying your government employees 30 percent more than comparable private sector workers get.

Liberals from blue states argue that red states tend to get more money from the feds and they pay less taxes. But here again, blue state voters are the ones responsible for these inequities. Blue staters tend to send liberal politicians to office, who then vote for bigger federal spending — even though a greater share of the money goes to the red states. Maybe somebody needs to write a book called: “What’s the Matter with Massachusetts.”

What is not true is that the rich get all the benefits of the tax cut and tens of middle income families pay more.
 

EO 11110

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#2
can't believe how ignorant i was of this scam of deducting state income taxes from federal income taxes.

epic screwing of the states w/no income tax - that use other types of taxes to fund their state gov

https://www.1040.com/tax-guide/tax-savings-strategies/deducting-state-and-local-taxes/

If you itemize deductions, you can deduct state and local taxes you paid during the year. These taxes can include state and local income taxes or state and local sales taxes, but not both.
 
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