OpinionViewpoints

Hundreds of Billions of Dollars of New and Unlimited State and Local Tax Deductions for Wealthy Taxpayers Have Already Been Passed

Save
Hundreds of Billions of Dollars of New and Unlimited State and Local Tax Deductions for Wealthy Taxpayers Have Already Been Passed
Hundred dollar bills are counted out by a banker counting currency at a bank in Westminster, Colo., on Nov. 3, 2009. Rick Wilking/Reuters
Hank Adler
Updated:
Commentary

From the moment of passage of the Tax Cuts and Jobs Act of 2017, Democrats from high tax states began to whine that the capping of the deduction for state and local taxes (SALT) at $10,000 was unfair and unwarranted. House Speaker Nancy Pelosi (D-Calif.) and Sen. Chuck Schumer (D-N.Y.) have been insistent that wealthy taxpayers are entitled to an unlimited federal tax deduction for high taxes these wealthy individuals pay in their home states.

Hank Adler
Hank Adler
Author
Mr. Hank Adler is the Burra Executive Professor of Accounting at Chapman University. He was in public accounting for almost thirty-four years, the last twenty as a partner at Deloitte & Touche.
Related Topics