An eventual consequence of taking the generous SALT deductions from the Blue states will be that BS citizens will be screaming bloody murder for tax relief from their state. The Dems wont give it but new tax cutters will look much more attractive. This may give conservatives a chance in many areas. Wont happen overnight but their will be an effect. Migrations will pick up too with other consequences.
Yes I live in one of the bluest of blue stares and this will make my taxes go up by thousands. What is going to happen is that Home values are going to plummet. Many will now be under water in their mortgages and this will tank the economy for awhile. Let’s start another housing crisis. That said, Home values will need to be reassessed and that may bring property taxes down a bit. This tax bill will be worse than Obamacare for millions.
Can anybody explain truly what the pass-through is that is what affects me the most. I feel like the raising of the brackets makes this all OK because I look at it in where I am text at 39.6% now for 70,000 in income that actually moves way up and 70,000 Would be taxed at 24% so that is a pretty significant reduction if you look at the splits on the brackets however the pass-through is a big concern to me because at first it was 25% and now it seems that you’re allowed to deduct 23% and the rest gets taxed that your normal tax rate so I’m a little confused