Lots of chatter today about the White House plan to change the tax code.
The 2 big red flags are:
1. The elimination of state & local tax deduction on your federal return.
2. The elimination of employer deductions for health care coverage of employees.
The Proposed benefits are the elimination of taxes on savings & investment (i.e. dividends & caiptal gains).
In plain English, if you are Paris Hilton you now have a few extra million to play with. If you are a worker, you are fucked. Your employer will no longer have any incentive to provide you with health care coverage, and you will make up the difference. Also, your federal tax bill will go up as there will no longer be a deduction of your state (and city if you live in New York City) income taxes.
Welcome to moral values, suckers!
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