Blue States Warned of a SALT Apocalypse. It Hasn’t Happened

Did you read the article in full? It wasn’t really a typical newsmax piece shitting on Democrats. It was instead saying that the fears (and celebration from Republicans who want to see states they don’t like fail) of SALT and MID caps are going to kill states when really the opposite kind of happened. It wasn’t as horrible as I was expecting.

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Blue States Warned of a SALT Apocalypse. It Hasn’t Happened; California, New York, Illinois income tax revenue rebounds as Softer housing market in New York City suburbs may be warning Home

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Upper-end income earners in blue states paid out a little more absent those subsidies, and blue-state budgets took a bit of a revenue hit, too. However, that wouldn’t be from the SALT cap, which had no direct impact on state and local revenues, and might not even be indirectly related to the SALT cap at all. However, in the longer term, it might.

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Similar windfalls arrived in New Jersey, California and Illinois – states that, like New York, had warned of dire consequences from the law. And it turns out that tax refunds across the U.S. in 2019 – those once-a-year checks from Uncle Sam that people use to pay credit card debt from Christmas or buy a washing machine – were roughly the same size as a year earlier.