President Trump’s plan to overhaul the federal tax code threatens to fall disproportionately on residents of liberal-leaning states, a short-term boost for state governments that could turn into a long-term drag.
Most states have tied their tax codes closely to the federal code. Since the federal income tax was first levied in 1913, taxpayers have been able to deduct the state and local taxes they pay from their federal taxable income. Taxpayers who live in states with higher tax rates are able to deduct more from their federal taxes than those who live in states with lower rates. More…
Get Updates on Twitter @NewMediaMilitia or @nhstevemacd
The New Media Militia 