After receiving hundreds and hundreds of billions of dollars in federal aid during the pandemic, a handful of states have or are taking steps to undermine the revenues of the federal government by a work-around of the limitation of deductibility of state taxes for federal income tax purposes.
The legislation is no more than an end run around federal imitations on the deductibility of state and local taxes for certain taxpayers.
A California lawyer, a partner in his law firm, earning $1 million from his partnership would see his or her federal income taxes drop by about $34,000.
If that lawyer was the outside lawyer for the L.A. Rams, he would see a decrease in his federal income taxes while not a single player for the L.A. Rams would see their federal income taxes decline.
How will California benefit from facilitating a reduction in the federal income taxes of its wealthiest taxpayers? It will not.
Once past the outcry attacking Trump, they apparently welcome a reduction in their top donors' federal income tax rates more than worry about equity, future new taxes or inflation.
The Governor can be just another governor who will ensure future increases in federal taxes or inflation for everyone as he signs a bill that will reduce federal revenues.
It's becoming increasingly difficult to discern fact from fiction, and unfortunately the media has a strong bias. They spin stories to make conservatives look bad and will go to great lengths to avoid reporting on the good that comes from conservative policies. There are a few shining lights in the media landscape-brave conservative outlets that report the truth and offer a different perspective. We must support conservative outlets like this one and ensure that our voices are heard.
Thursday, July 8, 2021
State Dems Shamefully Raiding Federal Treasury
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