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Rush Limbaugh - Timeless Wisdom

Rush Limbaugh July 20h 2018

Rush Limbaugh - Timeless Wisdom

The Rush Limbaugh Show

News

4.05.3K Ratings

🗓️ 20 July 2018

⏱️ 1 minutes

🧾️ Download transcript

Summary

Four states are suing the Trump administration because of the new tax law that puts a $10,000.00 cap on local and state tax deductions. The states claim that the cap hurts job creation and property values.

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Transcript

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0:00.0

Four liberal states, New York, Connecticut, New Jersey and Maryland are suing the Trump

0:04.7

administration and demanding more tax cuts.

0:07.4

I kid you not.

0:09.1

Now in the old days, not that long ago, people could deduct their high state and local taxes

0:14.7

on their federal tax forms and it was an unlimited deduction.

0:18.7

But the new tax law from Trump caps the deduction at $10,000 and many in these states pay way

0:24.8

more than $10,000 in local and state taxes.

0:28.4

Now these states, they are really mad that the feds will not subsidize their high taxes

0:33.6

anymore.

0:34.8

The lawsuit claims that Trump's change will hurt property values and hurt job creation.

0:40.5

Worse, it'll hurt state budgets because these taxpayers are going to start paying attention

0:45.5

to state spending, which they can't have that.

0:49.1

And they're really, really, really mad because they say Republicans did all this on purpose

0:54.2

to hurt Democrat run high tax states.

0:57.5

Now legally, it's hard to see how they expect to win this one.

1:00.5

The feds make federal law except for immigration.

1:03.6

Well, they make it, but everybody breaks it.

1:06.1

So until they cut their own taxes, these liberals are going to be singing to blue state

1:10.2

blues for a long time to come.

1:12.5

I guess it's what happens when it eruptions metal in the elections.

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