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Posted on 2/26/18 at 12:12 pm to bbap
Never mind the fact that the federal tax cuts in 2018 will result in higher state income tax receipts by itself.
Lowering the federal income tax means you'll take a lower income tax deduction on presumably the same or higher AGI, resulting in higher taxable income for the state. A married couple with AGI of $120k will already pay nearly $200 more in state taxes in 2018 than they did in 2017, assuming no changes to state tax brackets.
Lowering the federal income tax means you'll take a lower income tax deduction on presumably the same or higher AGI, resulting in higher taxable income for the state. A married couple with AGI of $120k will already pay nearly $200 more in state taxes in 2018 than they did in 2017, assuming no changes to state tax brackets.
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