GOP tax bill makes the rich pay more - sm Posted: Dec 9th, 2017 - 2:47 am
At least it does if you're rich and living in a state with high taxes, like California or New York. In those states people making as little as $200,000 could see an immediate tax INCREASE.
https://www.nytimes.com/interactive/2017/12/05/us/politics/tax-bill-salt.html
Here's how it works currently. Rich people pay a high state tax. Then they claim a deduction on that state tax from their federal tax bill.
Under the new tax plan, that deduction is gone. People in high tax states will have to pay the state tax and then also pay their full share of the federal tax.
Because of this, some people may decide to vote with their feet and move to states with lower tax rates.
The hysterics from the leadership on the left are starting to make sense.
LINK/URL: GOP tax bill makes the rich pay more
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