Carl Davis, research director at the Institute on Taxation and Economic Policy, told Yahoo Finance that the same story has been playing out across the country.
“I think Californians and New Yorkers are right to feel that they didn’t get an especially good deal out of that tax overhaul,” Davis said. “Their tax cuts, relative to their neighbors all across the country were definitely undersized.”
Proponents of the tax bill say the SALT cap, which tends to benefit the wealthier, will still be offset by a now-doubled standard deduction. Republican Peter Roskam, one of the key members of the tax-writing House Ways and Means Committee, heavily advertised how a larger standard deduction would simplify the tax filing to the size of a postcard. Read more