atans1

Trump and Republicans take a leaf from PAP’s playbook

In Uncategorized on 24/12/2017 at 5:16 am

Remember the howls of protest from the ang moh tua kees and the other anti-PAP types when the PAP administration reduced state spending on wards that had Oppo MPs? Unfair they screamed.

Seems that ang mohs in the shape of Trump and the Republicans have done something similar. Their Christmas present tax cut clearly favoured loyal red (Republican-voting) states over Democratic blue ones.

Deductions of state and local income and property taxes, known as SALT, when calculating liability for Federal taxes is now limited to US$10,000. The provision hits hardest Democratic-leaning states with high incomes, high property values, and high taxes, like New York, New Jersey, and California.

FT reports that a New York based banker earning US$5m a year, will be paying an extra US$400-500,000 in taxes.

 

 

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  1. […] – MothershipSG: There’s quite a bit to unpack in Malaysia PM Najib Razak’s 30-second Christmas greeting video – Thoughts of A Cynical Investor: Trump and Republicans take a leaf from PAP’s playbook […]

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