Time to start thinking about preparing to file income taxes.
From Unleash Prosperity Hotline – Weekend Edition – Issue #1164 comes this encouragement for those of us whose property tac bills have topped $10,000:
Note that the sub-headline leaves out the State of Illinois, which has the second highest real estate taxes in the country.
From the article:
We hate SALT because it forces taxpayers in low-tax states to subsidize the most reckless, high-tax states, and it encourages more government spending.
But politics is the art of the possible, and at least five House Republicans in blue states are demanding some relief and Trump promised to fix the SALT problem.
The $10,000 deduction allowed in TCJA could be doubled to $20,000 without losing much revenue.
An unlimited SALT deduction would be fiscally reckless, costing $1 trillion in lost tax revenue – and almost all of the dollar savings to California and New York millionaires and billionaires.
If Californians and New Yorkers want tax relief, they should take it up with the pols in Albany and Sacramento.
