Word. It so is. Right now Dems are freaking out because their state income tax deduction is about to go away. But, but, but, I thought you wanted to raise taxes on the “rich,” Democrats.
Oh, oh I see, just not the hedge fund guys in Cali, Connecticut, and New York. Got it.
The Dems want the low state income tax states to keep subsidizing the old, tired, mostly cold, high state income tax states.
(From The Washington Examiner)
Democrats have asserted for years that the rich aren’t paying enough in taxes. In her Democratic National Convention speech in 2016, Hillary Clinton put it in the party’s characteristically way, saying “Wall Street, corporations, and the super-rich are going to start paying their fair share of taxes.”
Never mind that, according to the most recent data, the “1 percent” pay more than 25 percent of all federal tax revenue, more than the bottom 60 percent of income earners combined. Democrats are usually loathe to give a specific number, but whatever the rich are paying, it isn’t enough…
…Especially on the state and local tax deduction, Democrats’ rhetoric has been all about protecting their pals in Democrat-led state legislatures who favor high state and local taxes. Indeed, part of the case made for those high taxes is that are federally deductible, so other people will end up subsidizing the payment of the check. High taxes go to fund their pals in public sector labor unions, who in turn fund Democratic politicians, who in turn protect the state and local tax deduction, and so on in an unending and unvirtuous circle…
…If GOP tax reform passes, liberal states will finally have to pay the full burden of the high taxes that their Democratic politicians impose. Perhaps the loss of the deduction will at last do something to teach voters to elect fiscally responsible governments. In New Jersey, Democratic legislative leaders are already considering reforming their tax code to mitigate the damage.