In a free-wheeling interview on C-SPAN, Speaker of the House Paul D. Ryan Jr. (R.-Wis.) debuting Friday, the Wisconsin Republican said he did not treat seriously the attempts by Democrats in high-tax states, such as New York, New Jersey and California, to reclassify state and local taxes as charitable contributions.
The Tax Cut and Jobs Act, signed by President Donald J.Trump signed Dec. 22 after 275 amendment proposed and 29 separate roll call votes in the House and Senate capped the amount of state and local taxes that a tax filer is allowed to deduct from their federal taxable income at $10,000.
“I don’t think that will work anyway,” said Ryan, who was briefly the chairman of the House Ways and Means Committee, the panel with jurisdiction over the tax code, before taking the gavel Oct. 29, 2015.
“That’s just not going to work,” he said. “I can’t imagine the Treasury and IRS are going to even let that happen.”
The speaker said he had no plans for a legislative retort to the efforts in high-tax states.
Watch this excerpt from the Speaker Paul D. Ryan Jr. (R.-Wis.) with C-SPAN:
New Jersey Democrat Rep. Joshua S. Gottheimer, a former speechwriter for President William J. Clinton, has proposed that wealthy Garden State residents be allowed to voluntarily make the contributions that would be tax-deductible.
New Jersey Gov. Phillip D. Murphy has proposed his own similar scheme.
In California, state and local taxes would be treated as contributions to the California Excellence Fund.
Although Trump is knocked for his superlatives, in this bill, he did outdo President Ronald W. Reagan in regards to the deductibility of state and local taxes. In Reagan’s massive 1986 tax reform bill, he and Capitol Hill conservatives tried to eliminate the deduction altogether, but it was saved by the valiant efforts of Gov. Mario M. Cuomo.
For conservatives, the problem with the SALT deductions is how they shift the burden of taxes in high-tax states to the U.S. Treasury and in effect have Americans in low-states subsidizing that burden in those high-tax states.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming have no state income tax at all.
Of the top 10 states with tax filers claiming the highest SALT deductions–all 10 voted for Hillary R. Clinton.
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Coronavirus Stock Market Tank is Biggest Since 2008
The plunge was fueled by new reports of the virus spreading globally.
The stock market has been sent reeling for a second straight day amidst reports of a growing Coronavirus pandemic, with the loss in stock value being the greatest two-day decline since the financial crash of 2008.
The S&P 500 index declined by more than 3% on Tuesday, closely followed by the Dow and NASDAQ. The decline in stock prices seems primarily fueled by new reports of the Chinese Coronavirus’ global spread. The disease is beginning to enter widespread circulation in countries such as Iran and Italy, the latter of which has been hardest hit by the viral disease in any country outside of Asia.
Trump administration officials are reassuring the public about the containment of the viral disease, hoping to shore up the decline in stock prices by encouraging discounted investment in the market.
The Coronavirus is very much under control in the USA. We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!
— Donald J. Trump (@realDonaldTrump) February 24, 2020
Markets plunged immediately when officials of the Center for Disease Control were quoted as saying a genuine spread of the pandemic to the United States was “inevitable.” The governmental agency then went on the walk back the claims.
The coronavirus has directly affected the American economy by putting an effective freeze on imports from China, shutting down trade and exchange of goods in the pandemic’s epicenter. The implications of the disease on the American economy have led some commentators to question the wisdom of closely linking American markets to the authoritarian Communist nation, where the response to the disease has been heavily criticized for a lack of transparency.
The coronavirus outbreak shows how important it is for us to keep our borders secure.
It's also why @realDonaldTrump is right to want a trade policy focused on increasing American manufacturing. He understands that it's dangerous for our economy to be beholden to China!
— Donald Trump Jr. (@DonaldJTrumpJr) February 25, 2020
As the virus appears to be picking up steam globally, it may seem that health officials are finally getting the better of the epidemic in China. New diagnoses of Coronavirus in China have decreased significantly over the past week.
The human suffering caused by the disease obviously remains the most pressing issue at hand. The economic implications will prove less lasting, and the decline in stock prices may present an opportunity for financial investment.
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