Lots to report on the SALT Parity front. As you can see from our map, the number of states adopting our PTET elections is up to 38, with only four to go.  It’s not all good news, however, as some states are considering backsliding on the policy while others are using the PTET regime to offset significant new taxes.  Here’s the rundown.

Back in March we flagged an emerging threat to New York’s Parity regime, noting that their budget proposals included PTET “haircuts” that would siphon money away from New York’s …

(Read More)

When tax writers approach the next round of tax reform, number one on their list should be to eliminate double taxation. Nothing contributes more to economic distortions than taxing the same income two (or more) times.  Embracing a “single tax system,” on the other hand, would eliminate those distortions and encourage more investment and job creation.

The brouhaha over the new Section 68 haircut on itemized deductions suggests we’ve got a long way to go on that front.  Here’s how CNBC describes the problem:

The deduction cap is imposed on trusts and estates, the experts said, which was unexpected. Even …

(Read More)

Jack Salmon, Research Fellow at the Mercatus Center and author of the Substack The Unseen and The Unsaid (and recent podcast guest!) has a great piece out this week that tears down the myth popular among tax hike advocates these days.

The writeup was inspired by a post on X from Tom Steyer, billionaire and California gubernatorial candidate, making a familiar argument: top tax rates were sky-high in the postwar decades, and all that revenue built the middle class.

This claim surfaces reliably in every tax debate, deployed to suggest that …

(Read More)