It is a

06 Dec

very good question.

Up until now states have been free to levy egregious taxes, because they knew “sugar daddy Fed” would step in and make up the difference. But that is coming to an end. Good.

As I see it, that does two things: a) it makes the pain of federal taxes more biting and obvious. That will, hopefully, increase the pressure for lower federal taxes. But it will also b) make states lower their tax rates. It puts significant pressure on them to get their fiscal house in order.

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