Quote:
Originally Posted by 04 commemorative
I don't like the cap on property tax deduction
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The underlying problem is high property taxes, and that is the fault of local government, not the federal government. What this does is gets folks in high tax states to start getting mad and demanding that those states lessen the tax burden on their citizenry.
Up until now, you had the federal government taking some of the sting out of those high taxes. Now, the people paying them will feel the full impact of them, and I would expect some changes, as a result of taxpayer revolts in those states.
Perhaps this will cause some well off people to flee those high tax states, and that's OK, too, because it's good for the low tax states that will be welcoming them. Seems like quite a few here have mentioned either leaving Illinois, or wanting to leave Illinois, for example .