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Point View Wealth Management’s David Dietze and Texas Congressman Lance Gooden (R) on big money’s flight from high-tax states.
A federal judge handed the Trump administration a win Monday, dismissing a lawsuit from states with high taxes.
Lawsuit - US - District - Judge - J
The lawsuit asked U.S. District Judge J. Paul Oetken to block the Tax Cuts and Jobs Act's limit on how much people can deduct in state and local taxes (SALT). The provision effectively raised the tax burden on citizens of high-tax states.
New York, New Jersey, Connecticut and Maryland brought the suit in July 2018, claiming the tax deduction limit was a way for the Trump administration to stick it to blue states. The judge ruled that the limit did not violate the 10th Amendment, which says that powers not delegated to the federal government in the Constitution are left to the states.
Cap - Feature - Tax - Code - Part
"The cap, again like every other feature of the federal Tax Code, is a part of the landscape of federal law within which states make their decisions as to how they will exercise their own sovereign tax powers,"...
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