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Whenever I’m asked whether the Trump tax cut is for the rich, I say yes. It is a tax cut for the rich. It is a tax cut for the middle class. It is a tax cut for small businesses. It is a tax cut for the Fortune 100. If you pay federal income taxes, you will in almost all cases, be getting more take-home pay come January 1.
One of the ironies of the mantra of tax cuts for the rich is that many upper income people I know in states like California, New Jersey and New York complain to me they are getting a sizable tax increase. The lower income tax rates don’t compensate for the loss of the state and local tax deduction.
Well, yes, under the Trump tax plan we are no longer going to subsidize big government in blue states. Now those who choose to live in blue states are going to have to join with their neighbors, collect their pitch forks, and demand tax and spending cuts from city hall and the state capital.