Yesterday the New York Times published an article about how the elimination of the ability to deduct state and local taxes (SALT) from federal taxable income calculations will hurt many taxpayers in blue states. As the NYT notes, there are even some counties with high Republican affiliations that will take a major hit from the removal of the SALT deductions. Alicia Parlapiano and K.K. Rebecca Lai write:
There are a handful of Republican counties, particularly in New York and New Jersey, that claim high amounts of SALT deductions. Many of the 13 Republican representatives who voted against the House version of the tax bill cited the SALT changes.
The issue has been less controversial among Republican members in the Senate, because none of the senators representing the top 10 states taking the SALT deduction are Republicans.
One can only guess at the impact the increase in taxes on these families will have. As I have written in the past, the wealthy are becoming increasingly mobile, and are ready to take their money to where it is treated best. Read more here.
E.J. Smith - Your Survival Guy
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