“What modest home in the boroughs has a tax bill of $19,400?”
You should come to NY some day. This is absolutely right. Real estate taxes in my town are quite higher than that for 2,500 sf home on 1/4 acre about 30 minute train ride out of NYC.
The fact is - NY, Cal, NJ - all those high state tax state get back far less than $1.00 for ever dollar they contribute to the Feds!
Whereas, states like Florida, Kentucky, West Virginia and 7 others get more than 2x back the federal taxes they pay.
Who is subsidizing who?
Also, the concept of “taxing taxes” is compelling. I can’t keep the money I send to NYS for taxes; but the Feds tax it anyways.
This part of the bill is horrible and will turn a lot of Trump supporters off (both of us here in NY!). Would have been better at 23% corp. tax and retain SALT.