I think they could get the money back through a smaller military, fewer wars, and eliminating tax loopholes for the Rich ...
Since you have hitched your wagon to trump... tell us how any of your plan fits with your fellow republican's idea of the future other than in fantasy?
shermann7, Eliminating State and Local Tax Deduction to Pay for Tax Cuts for Wealthy a Bad Deal for Most Americans
October 19, 2017
by Michael Leachman and Iris J. Lav
The tax plan from President Trump and congressional Republican leaders would end the federal deduction for state and local taxes (SALT) — which allows taxpayers who itemize deductions on their federal income taxes to deduct state and local property taxes and either state and local income taxes or general sales taxes. Some proponents argue that ending that deduction would not hurt low- and middle-income households because most of the direct benefits would go to higher-income filers. Eliminating the SALT deduction would a bad deal for most Americans, especially low- and middle-income people.To be sure, eliminating the deduction would — by itself — make the federal income tax more progressive. But that ignores the actual tradeoff that the GOP tax plan proposes, which is to eliminate the SALT deduction and use the revenue to pay for marginal income-tax rate cuts. That trade would be a bad deal for most Americans, especially low- and middle-income people, for two reasons.
First, the tax plan’s rate cuts are more tilted to the top than the SALT deduction. That’s part of the reason why by 2027 (when key elements of the plan would be fully in effect), 80 percent of the plan’s net tax cuts would go to the top 1 percent of Americans, the Tax Policy Center estimates.
Second, the SALT deduction helps state and local governments fund public services that provide widely shared benefits.That’s because, with this deduction, higher-income filers are more willing to support state and local taxes.Repealing the deduction would almost certainly make it harder for states and localities — many of which already face serious budget strains — to raise sufficient revenues in the coming years to fund K-12 and higher education, health care, and other services. To balance their budgets with insufficient revenue, state policymakers would likely make cuts in such services that would be widely felt. States and localities could also respond by raising taxes or fees that fall less heavily on the higher-income residents most affected by the deduction’s loss. That would push more costs to middle- and low-income people, and make state and local tax systems even more regressive overall than they already are.
Further, the proposal to end the SALT deduction, and thereby make it harder for states and localities to fund current programs, comes as the President and congressional Republicans propose in their ten-year budget plans to shift substantial new costs to states, by sharply cutting Medicaid and other health funding and potentially cutting federal support for state and local services such as education, transportation, environmental protection, and low-income housing.
Responding to criticism from Republican members of Congress who represent states that would be hit particularly hard by ending the SALT deduction, GOP leaders have floated several “compromises” to partly, rather than entirely, end it. These include capping the deduction, ending it for income taxes but not real estate taxes, and letting filers take either the SALT deduction or another deduction such as the home mortgage interest deduction, but not both. Partially ending the deduction could be nearly as harmful to low- and middle-income Americans as fully ending it, however, since that would still substantially weaken states’ and localities’ ability to raise adequate revenues.
And see again - shermann7, Opinion: Trump tax cut undermines most dynamic parts of the economy
[...]
Special tax breaks for the real-estate sector may help Trump and his son-in-law, Jared Kushner, but it does not make America great or competitive. And limiting the deductibility of state income tax and property tax will almost surely reduce investment in education and infrastructure — again, not a sound strategy for increasing American competitiveness. Other new provisions will also hurt the U.S. economy. .. https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144262854
That's again to your "Cutting the deduction off at 10,000 for State and Local Taxes was good ..."
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