There's one tax benefit for the rich that I can't see why anyone
would possibly want to defend. That's the deduction of state and
local taxes on your federal income tax.
This is a racket perpetrated by the bluest of blue states -- the whole Northeast and California -- in order to foist their profligacy on the rest of the nation. Nearly all the beneficiaries of this deduction are high-income people living in New York, New Jersey, Connecticut, Massachusetts, Maryland (i.e., the suburbs of Washington) and California. And you can bet the vast majority vote Democratic and spend their days congratulating themselves on how progressive they are. Meanwhile, the people who end up foisting the bill onto the financially responsible Republican states that have nothing to deduct because they have no income tax at all! Try Texas, Florida, South Dakota, Wyoming, Nebraska, Tennessee, and Alaska for starters.
Read more: http://spectator.org/archives/2012/12/03/save-the-country-tax-the-rich
This is a racket perpetrated by the bluest of blue states -- the whole Northeast and California -- in order to foist their profligacy on the rest of the nation. Nearly all the beneficiaries of this deduction are high-income people living in New York, New Jersey, Connecticut, Massachusetts, Maryland (i.e., the suburbs of Washington) and California. And you can bet the vast majority vote Democratic and spend their days congratulating themselves on how progressive they are. Meanwhile, the people who end up foisting the bill onto the financially responsible Republican states that have nothing to deduct because they have no income tax at all! Try Texas, Florida, South Dakota, Wyoming, Nebraska, Tennessee, and Alaska for starters.
Read more: http://spectator.org/archives/2012/12/03/save-the-country-tax-the-rich
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