December 22, 2017
There are only two options: borrowing and growing the national debt themselves or raising taxes, as Mondale promised to do.
Another problem for Democrats is the new $10,000 limit on the tax deduction for state and local income and property taxes.
In blue states like Oregon, Minnesota, New Jersey, Vermont, Hawaii, the top state income tax rate is 8 to 10 percent. In Jerry Brown’s California and Andrew Cuomo’s New York, it hits 13 percent—before adding property taxes on homes and condos in Manhattan and second homes out on Long Island.
Virtually eliminating state and local tax deductions is going to cause some of the rich to consider relocating to low-tax or no-tax red states in the Sun Belt like Florida. And it is going to put pressure on blue state pols to cease adding to the state and local tax burdens that Uncle Sam is not longer helping to carry.
Stepping back from all the Sturm und Drang of 2017, the Trump-Republican record of achievement, of meeting commitments made in the campaign of 2017, is not unimpressive.
The largest tax cuts in decades. Elevation of Neil Gorsuch to the Antonin Scalia seat on the Supreme Court. A record number of new U.S. appellate court judges approved by the Senate. The U.S. is out of the Paris climate accord and out of the Trans-Pacific Partnership.
NAFTA is being renegotiated. Alaska’s Arctic National Wildlife Refuge will be open for drilling. The U.S. is at full employment, with minority unemployment near record lows. The stock market has consistently broken records, with the Dow having added 5,000 points. The Obamacare individual mandate tax is gone. Obama-era regulations have been cut and some eliminated.
And one year deeper into Russiagate, and still there is no proven collusion between candidate Trump and the Russians.
Indeed, the Robert Mueller investigators appear now to be coming under as much scrutiny and suspicion for how they behaved during the election and transition as Vladimir Putin and the Russians.