As we noted, the new federal tax bill caps the amount state taxes filers can deduct on their federal return at $10,000. That displeases California’s senate boss Kevin de Leon, whose Protect California Taxpayers Act will allow Californians to pay their state income taxes as though they were a charitable donation, and therefore fully…
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The Republicans’ victorious tax bill lowers the corporate rate from 35 to 21 percent but is nothing approaching a flat tax because it retains, count ‘em, seven tax brackets. According to the New York Times it will cut taxes for about 75 percent of filers in 2018, but nobody should consider it a gift….
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The Washington Post reports that the National Commission on Fiscal Responsibility and Reform has come up with a plan to address the nation’s fiscal house of cards. The major points of the plan include: Deficit reductions by nearly $4 trillion over the next decade Large reductions in discretionary spending Tax code reform He hits…
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