The House GOP tax bill is “exceptionally bad deal” for California, New York, New Jersey, and Maryland. Taxpayers in these states will pay more in aggregate federal personal income taxes, according to a new tax analysis.
Yesterday, the Institute of Taxation and Economic Policy (ITEP) released its new analysis of the House GOP tax bill. The institute indicated that some individual taxpayers in every state will experience tax increases. However, California, New York, New Jersey, and Maryland residents will see huge increases in their personal income tax payments.
According to ITEP, the increases are largely due to the plan to significantly limit the state and local tax deductions.
California will carry the biggest tax burden under House GOP tax bill
According to ITEP, California will carry the biggest tax burden under the House GOP tax bill. In 2027 alone, Californians will suffer the largest net tax increase of $12.1 billion.
California Democratic leaders have been complaining that the House GOP tax plan is devastating for the State and the entire country. They believe that the Republican’s tax proposal is a gift to corporations and to the wealthy.