This Week’s Question: Would San Diegans, on balance, benefit from the proposed federal income tax changes?
Bob’s Answer: YES
The state will soon have the highest taxes in the U.S. for income taxes, state sales tax, vehicle tax and the gas tax. The Trump plan lowers the income tax rates, eliminates loopholes, preserves tax incentives for mortgage interest and much more. However, the proposal eliminates the deduction for state and local taxes hitting California’s wealthy taxpayers hard. It is time for California to enact its’ own tax reform and thank Prop. 13 for relief.
To read the other EconoMeter panelists’ answers to this weeks question click here.