How Will California Reimburse Its Rich Citizens For The SALT Deduction? https://t.co/6TOBf0dBPG #CaliforniaSALT @LAOEconTax @california @realDonaldTrump #TaxReformBill @washingtonpost @nytimes @TeamTrump @GOP @TheDemocrats @CNNPolitics— Dick Morris (@DickMorrisTweet) December 26, 2017
...If it can’t the state will see an exodus of biblical proportions. With no Red Sea to intervene.
The damage will be massive. Six million California households deduct an average of $65 on their federal forms. How will the Democrats induce them to stay in the Bay State after they lose about $37,000 a year in SALT (state and local tax) deductions? — only partly offset by a doubling of the standard deductions.
And with the four communities with the highest average home values in California, these richer homes will suffer from caps in mortgage interest deductions.
Will they stay or leave?
If they leave, it will set off a seismic shift that will changer country in fundamental ways....