Why The Donald’s Tax Plan Is DOA—-It Betrays Main Street, Stupid!
That didn't take long. The bailing wire that held together Trump's unpaid for $6 trillion tax cut was the $1.3 trillion potential savings from eliminating the state and local tax deduction. It was the only loophole the White House even dared to name, but with 80,000 units of local government yelling "unfair tax on a tax" we ventured the opinion yesterday that it would soon be gone. Lo and behold it is, and with it's demise any prospect of a big tax cut bill has vanished, too. This deduction was literally the pin in the grenade.