http://www.americanthinker.com/blog/2018/01/delusional_california_lawmakers_plan_to_hike_state_corporate_taxes_to_claw_back_the_money_left_over_by_federal_corporate_tax_cut.htmlThat’s insane.
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Recall what I said about SALT. Same thing will happen. State would try to claw back any tax savings from lower fed tax rates. So disallow of deduction of SALT from fed tax is correct. If the state government is able to find a loop hole* to allow us to claim back SALT from fed, the next step is to claw back the tax savings. *for example trying to use donation to charity.
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We should vote to have a prop 13 on income tax as well.
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What we need is a spending limit on federal, state and local government. They can spend the amount of their current budget and any future increases would be tied to inflation. That would eliminate the need for more taxes.
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That’s impossible with the pension obligations. There are states with billions of unfunded obligations.
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https://www.bloomberg.com/graphics/2017-state-pension-funding-ratios/
That’s in a raging bull market. Imagine the funding gap when the next recession hits.
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