Below is an excerpt of an op-ed that was published in Fortune by ITEP Senior Fellow Steve Wamhoff
Two wrongs don’t make a right. But some state officials, incensed by the new federal tax law’s $10,000 limit on deductions for state and local taxes (SALT), appear to have forgotten this sage advice and are considering proposals to help their residents avoid these limits.
In their rush to work around the federal law—called the Tax Cuts and Jobs Act—state lawmakers could make an already unfair and complicated tax system even more so. By narrowly focusing on the $10,000 SALT cap, state lawmakers are pursuing an economic fix for the very taxpayers who will benefit most from the federal tax bill. Proposals released so far are aimed at allowing these taxpayers to keep their income and property tax deductions by transforming them into something else. Read the entire op-ed