Perhaps the funniest reaction to Donald Trump’s new tax plan has been that of Democrats from states with high state and local taxes, objecting to President Trump’s proposal to abolish the deduction for these taxes.
President Obama talked all the time about rich people needing to pay higher taxes and about how they needed to pay their fair share.1 By getting rid of the deduction for state and local taxes (especially income taxes), President Trump’s proposal would get rich people to pay more income taxes. The problem for Democrats, however, seems to be that it would increase income taxes for the wrong types of rich people; i.e., it would increase the taxes of rich people who live in states that lean Democratic (or have totally fallen over that way) – because those are the states with high state and local taxes.
Continue reading "Raise Taxes on Rich People – But Not OUR Rich People" »
Recent Comments