Donald Trump

It has a positive track record on tax and regulatory reform. But he also has some bad ideas.

At the recent Al Smith charity dinner event, Trump expressed support for rolling back part of the 2017 tax bill. “I’ll work with whoever I need to work with, and we’ll even work hard to bring back the SALT tax cut,” Trump said.

he said during his speech

. “We’ll bring him back.”

This isn’t the first time Trump has floated the idea. Trump ahead of rally on Long Island in September

Wrote at Truth Social

He said he would “take back SALT, lower your taxes, and much more.”

SALT stands for “state and local tax.” This means taxpayers have the ability to deduct these taxes from their personal income on their federal tax returns. in california,

The state’s top income tax rate is more than 13%

. in New York,

10.9%

. Wealthy individuals often pay large sums of money in property taxes as well.

Tribune graphic / Forum News Service

Trump’s Tax Cuts and Jobs Act of 2017

SALT caps tax deduction at $10,000

. in 2022

Less than 10% of taxpayers itemize their deductions

Thanks to the higher standard deduction. If someone pays more than $10,000 in state and local taxes, they are almost certainly in good financial shape.

“According to the Joint Committee on Taxation, more than 88 percent of state and local tax deductions in 2014 accrued to those with incomes over $100,000, while only 1 percent flowed to taxpayers with incomes under $50,000,” Jared Walczak said. Vice president of state projects at the Tax Foundation,

He wrote in his 2017 report

.

Given this, one can assume Democrats are excited that Trump shut down this cut. After all, they generally oppose regressive tax cuts.

You would be wrong. The SALT tax cut disproportionately benefited those in deep blue states where taxes are high.

“Six states – California, New York,

New Jersey

,

illinois

,

Texas

And

Pennsylvania

“- claim more than half the deductible value,” Walczak wrote in 2017.

Politicians in California and New York loved the SALT deduction because it artificially lowered the cost of their states’ high taxes, making it more acceptable for their voters to tolerate their extravagance. Without the deduction, high-income taxpayers bear the full burden of higher state and local taxes.

The easy solution is to lower these tax rates. But Democrats aren’t interested in that, and many blue state voters now want their deductions refunded. Trump understands politics, so he promotes politics. But taxpayers across the country shouldn’t be subsidizing wealthy taxpayers in wasteful states like California and New York.

Trump recently made headlines while working at a McDonald’s

. Salted fries taste great, but otherwise need to cut back on SALT