Speaking of the tax bill… As all our readers know, the state and local tax deduction (SALT) deal in the House bill is outrageous, crazy, and infuriating. It quadruples from $10,000 to $40,000 the deduction level, which is a giant tax giveaway to mostly millionaires and billionaires who freely choose to live in high-tax blue states. Below we show the details.

This also reverses one of the great features of the 2017 tax bill, which was to dramatically lower the percentage of tax filers who itemize deductions to just 9%. The WSJ is reporting that the effect on this SALT tax deform will be to dramatically raise the number of filers who itemize deductions. (It’s a tax preparer’s dream come true.).

The goal of good tax policy is to eliminate ALL tax deductions and then slash the tax rates to one beautiful low rate.

There are no Republicans in the Senate from high-tax blue states, so we are praying that the Senate has the wisdom to eliminate the SALT deduction altogether and lower tax rates even more.

Notice that the bill even raises the SALT deduction retroactively to the start of this year. These millionaire blue state liberals will no doubt use their tax windfall to write bigger campaign contributions to left-wing candidates.