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[quote=Anonymous][quote=Anonymous][quote=Anonymous]This opinion piece in a Cleveland paper argues that raising federal income taxes on residents who live in high tax areas (through a repeal of the SALT deduction) will prove a disaster for what he describes as legacy cities such as Cleveland, Cincinnati, Toledo and Youngstown.

http://www.cleveland.com/opinion/index.ssf/2017/12/gop_tax_bills_state_and_local.html[/quote]

Yep. How to turn Ohio blue in a heartbeat? Get the suburban Cleveland and Cincy voters aligned with East Cleveland and other predominately African-American voters.[/quote]

Also partnership entities, such as law firms, also are greatly affected by the elimination of the SALT deduction.  For example, a partner in a partnership must pay state and local income taxes in every jurisdiction that has an office.  So for a law firm, a partner of that law firm must pay state and local income tax in every state and city of the US where that firm has an office (DC, NYC. Boston, Chicago, Atlanta, LA, San Fran, Charlotte, Miami, Philadelphia, Denver, Austin, etc), every single one, even if that partner doesn’t practice out of that office or even visits that office.  This can result in an enormous amount of money.

Now that amount is limited to $10,000?  A law firm is just an example, but the scenario applies to any partners in any partnership.  These are also business owners.  I am surprised this isn’t getting more attention.  If you are a partner in any kind of partnership I woul wake up to the potential for this to cost tens of thousands or more, every single year, per partner.[/quote]

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