Yup. And Amazon, Google, Twitter, Apple, and the rest of these corporations are making out like bandits, while millions of middle class from high tax states are getting screwed. On top of that, those corporations getting Billion dollar windfalls hate Trump and Conservatives, while we Trump supporters are sent the bill to make up for lost cold pirate tax revenue.
Many of us repeated this problem (the elimination of capping of individual deductions to “pay for” slashing the corporate rate) last fall through December until we were blue in the face. No one would listen. I pre-paid some 2018 taxes so as to get less screwed by the IRS this April, but that is a band-aid on a gaping wound.
A friend of mine who owns an accounting and tax consultant business says that many of his contacts in Washington told him that the SALT issue will have to be revisited, because it screws over so many middle class families. But I am not holding my breath on that one.
cold pirate =
corporate
I think the reason it was done was to pressure States with high taxes like California and New York. It will force them to lower their taxes or risk losing people leaving the State to more tax friendly states like Florida or Texas.
“Yup. And Amazon, Google, Twitter, Apple, and the rest of these corporations are making out like bandits,”
They crawled into bed and got cozy with the ruling elites. They’re part of the donor class.
Corporations have been doing this for decades! The ruling elites response is throw in more costly regulations that the little guy can’t afford but the donor class can. Screw the little guy.
Spent a few weeks in a formerly communist country when I was a grad student in the early 80’s. There was no middle class!! Just the ruling elites, their money supply, and the peons.
I was so shocked that a relative of mine that was V.P. of a bank, a wife who was a school teacher had less then I did as a student paying her own way.
“Caring” socialism (i.e. manipulating socialist) is just a façade for totalitarianism.