Much of the routine trade and investment between China and America is entirely appropriate and in America’s interest. But inserting the Chinese Communist Party into America’s pay-to-play system and its economic development strategy isn’t just crossing a line. It’s a leap into an abyss of stupidity.
“Federal tax changes from 2017 could make it more politically difficult for local governments to raise taxes, according to a report.”
I know my school district is up to the difficult challenge! They’ll find a way to raise my taxes!
The other side of this is that many states reaped huge windfall revenue gains from the 2017 tax legislation. Many, many fewer folks will itemize deductions on their federal returns, and they will owe more on their state returns because most states only allow you to itemize if you also do so on your federal return. Fewer deductions combined with unchanged state tax rates means more revenue for the states. Here in Virginia, the state revenue increase is over $1 billion annually, and the New Democratic legislature is wasting no time spending all of it, thank you very much.