WASHINGTON, DC – NOVEMBER 03: Senate Budget Committee Chairman Bernie Sanders (I-VT) and Sen. Robert … [+]
There are always “legal” tax scams for the truly wealthy. That’s one reason they use power, influence, and money to continue their power, influence, and money.
Sometimes they get caught, though, like with the Tax Cuts and Jobs Act of 2017—legislation rushed through by a GOP Congress that favored corporations and the wealthy with even more beneficial treatment. The so-called SALT—state and local taxes—deduction on federal income tax was limited. But then you can count on people in power trying to ease the pain for those who would feel it least.
Technically, it hit everyone living in higher tax jurisdictions. There was now a hard limit on the collected amount of these taxes that could lessen one’s income on a Form 1040. Many people living in high-tax…
