Federal taxes aren't used to fund government but allocate resources away from private sector. I dunno. We should do some thinking.
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States getting in the business of tax shelters and loopholes is terrible precedent. If California doesn't want you to pay federal taxes, why pay state taxes?
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If people can start funding just what they want, I wonder what happens to employee pensions? :) or in SF, that stuff that isn’t roads :)
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Considering that only the upper middle class use this deduction (the super rich were phased out anyway under Pease and AMT) this is another accommodation for them, when they need to give more if we want to expand programs or reduce volatility.
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Taxing the people with higher incomes in a given year more literally increases volatility. Maybe still a good idea just saying. Imo SALT is a transfer from Federal to State, not really a tax break for the rich.
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SALT deduction repeal hits me *hard* and I agree with this.
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this is yet another reason why shifting the income tax to a payroll tax is a better idea
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