Taxes Up and Down
Just when you thought your taxes will go down under President Trump, along comes a way to stifle your enthusiasm.
President Trump wants big tax cuts on corporations and individuals. Now some enterprising state and local politicians are hoping to create new ways to take your tax savings back. According to the San Francisco Chronicle, the city's board of supervisors will vote next week on a resolution urging the California legislature to amend state law to allow cities and local governments to impose personal and corporate income taxes.
According to the Chronicle the city claims it needs to explore progressive new revenue sources because the Trump administration has threatened to withdraw federal funds from sanctuary cities. And if President Trump kills the federal estate tax, state politicians vow to create its own California estate tax. Most experts say with California's top income tax rate the highest in the nation, passage of these proposals is slim.
This reminds me of that famous quote from the late Illinois republican senator Everett Dirkson, "don't tax me and don't tax thee. Tax the guy behind the tree."