The idea is summarized in the New York Times:
“…the cap on the state and local tax deduction could pose a serious threat to state budgets, because it makes state taxes more expensive for residents.
“That could make it harder for states to raise taxes, particularly on wealthy residents, and could increase pressure to cut spending.”
There is still time for high tax districts like the Crystal Lake Grade and High School Districts to lower their tax levies.
Should have eliminated the SALT Tax altogether.
Not the responsibility of the federal taxes to correspond to state taxes!
Plus that puts everyone on the same playing field.
SALT Deduction..
What the unlimited SALT tax deduction on Fed 1040 form did was give a break to people in high tax states such as CA and NY to not pay their fair share of federal taxes.
Could also depress higher cost real estate and put downward trend on real estate prices in higher and moderate markets here in Illinois.
@bred I think you have that backwards.
It did not give them a break.
They were able to write off all of the SALT before now anything over $10k they will not be able to write off.
In essence paying more in taxes.
Why do you think so many people that are paying over $10k in taxes wanted to pay upfront?
However, I am not sure how the deduction would work if they paid it off early?
Can they write everything off for tax yr. 2017?
I will soon be out of this moronic and doomed state.
Here’s the real reasons why Illinois is finished, but nobody will talk about reality:
https://www.youtube.com/watch?v=5R9mIV05SwM
If you prepaid taxes you get full credit for it on 2017 taxes for the last time.
New tax law begins in 2018.
I hope it puts all kinds of pressure on the local taxing bodies and the state.
Thank you Congressmen Roskam & Hultgren for voting in this tax plan.
We will remember how you put your party ahead of representing your constituents on Election Day.
Joe Walsh is right. Nothing has changed.
All the tax plan will do is allow corporations to buy back stock, thereby inflating stock prices, to prop up this phony economy created by the fed interest rate.
A major correction is coming once people come more to this realization.
I agree with Joe but have a different conclusion.
This is why Roskam and Hultgren will be re-elected.
The leftist morons who vote Dem will never see however the old Dem party line holdovers who until Trump have been clueless to the fact that the leftists have taken over their party and are actively trying to target their old base for elimination. (working class regardless of ethnicity who don’t want welfare)
Big Government types and Leftists do not respect or want a self sufficient populace, it is a threat to their parental style of big government Marxism.
We’ll see if the theory of putting pressure at the State level works if the legislature looks again at passing a 2 year property tax freeze bill.
Froggy is right, in an unintended way.
As predominantly White taxpayers’ standards of living drop to pay for all the new aliens and unemployables, there should be a backlash … but that backlash may be just leaving Illinois!
Agree with Froggy. The Democrat Party was taken over by far left radical socialists/marxists a long time ago and their influence and grip is strenghtening. One only has to look at the 8 years of Democrat President Obama, his administration, his appointments to positions, his and their actions and their statements and pronouncements. We would have had 4 or 8 years of the same with a president hillary. Thank God Trump came along at the right time.
If the McHenry County admits they tax with an error of 19% when is that going to rectified and when will my taxes be reduced by at least that amount….
I’m waiting.