PREVIEW: TAX CUTS: DEBT: Conversation with colleague Veronique de Rugy of Mercatus Center re: the State and Local Tax deduction as spendthrift and worse. More tonight.
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 18 July 2024
⏱️ 2 minutes
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| 0:00.0 | Oh, he's cute. Mr. I can never sleep when I'm traveling. He's hugging his pillow like a sloth on a branch. |
| 0:10.0 | He couldn't sleep before. Now listen to him. Sounds like an elephant with a chest infection. |
| 0:15.0 | Well, they call him a dreamer. And now they're right. |
| 0:19.0 | All aboard, Mr. I can never sleep when I'm traveling. |
| 0:23.0 | Find all the comfort you need in the quiet lounge. |
| 0:26.0 | Piando Ferries, there is another way. |
| 0:29.0 | This is John Batchelor, conversation with Veronique to Reza Macila Mercata Center at George Mason University about the Trump tax cuts of 2017. |
| 0:39.0 | How to pay for them, they're coming due in 2025 to be extended but how do you pay for them and avoid |
| 0:46.4 | extending the debt the enormous burden of debt that the US has incurred these |
| 0:51.4 | last years. One recommendation is to limit the state and local |
| 0:57.7 | taxes deduction from your income tax, your federal income tax. Right now it's |
| 1:02.4 | capped at 10,000. Ernie to Regi on the salt, state and local |
| 1:07.9 | tax, what it is now, what it can be. More of this later tonight. So it's capped, right? It was capped, and it's been about also the Trump tax cuts in 2017 did cap the state and local tax deduction. |
| 1:25.0 | So basically the ability to deduct from your federal taxes |
| 1:28.6 | the tax you pay at the state and federal level |
| 1:31.4 | and state level. And now it's, you can only deduct up to $10,000 and ever since the |
| 1:38.4 | Democrats in particular in high-tax states like New York and California have been trying to actually lift the cap, right? |
| 1:46.1 | I would prefer if we actually got read entirely of the deduction because it's a handout to higher income people and on top of that it |
| 1:56.7 | creates bad incentives right so I understand that taxpayers in those states don't |
| 2:02.0 | want to have to pay for all these taxes but the |
| 2:05.5 | solution is not to give them a break on their state and local Texas the solution is |
| 2:09.6 | for them to put pressure on state and local government officials to reduce the spending and |
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