Reply to DC Council votes to raise taxes on the “rich”

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[quote=Anonymous][quote=Anonymous]That’s how the WaPo headline writer phrased it.

I’m a DC resident, so obviously I’m not a “low tax” anti-public service zealot, or we’d live elsewhere. I like cities. I like public services. I support taxes and redistribution.

[b]However, with the Trump tax change having eliminated deductibility of SALT, I do believe this is terrible policy. [/b]

For my family, we love DC and have many reasons to be here. But with each passing year of paying among the nation’s highest SALTs and not getting a deduction on our fed taxes, we will find it harder and harder to justify living in the District, vs. following the trend of NY’ers who have moved in shocking numbers to FL (sorry, but yuck) or NH… or Austin(?).

This is a major topic of (hard) conversations, among friends, and among the senior mgt of some of the professional service firm employers in the city (where employees/partners are agitating to move to lower tax jurisdictions). We want to stay, but will the city leaders understand that, depending on your fed tax bracket, we’ve all already experienced what is effectively a 50-67% increase in the true cost of our DC income taxes at the current tax rates?

All this by way of saying, the DC Council has their head in the sand about this issue impacting the relative attractiveness and competitiveness of DC in a new era of non-deductibility of SALT. Will be interesting to see if the Mayor does as well.

I suspect this post will get some pushback, but if we want our city to be attractive and competitive vs alternatives, we’d be better off having a city government that was a bit wiser to “state” of things.[/quote]

It did not "eliminate it" It set a maximum of $10,000 per year which it is an issue for high tax states like NY and NJ.
https://www.cnbc.com/2021/06/28/state-and-local-tax-cap-may-be-here-to-stay-for-the-highest-earners.html[/quote]

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