Looks like it might just be rich folks paying their fair share.
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Everybody knows that tax-payers in liberal-leaning states (CA, NY, NJ, MA, CT) will get hit the hardest when the GOP plan to eliminate the SALT (state & local taxes) deduction is disallowed.
And, everybody has probably heard Chuckie Schumer whine about how New Yorkers toss more into the government coffers than they get back.
The Rockefeller Institute of Gov’t pulled together those 2 observations into an interesting (albeit a bit complicated) chart.
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Let’s decode the chart …
The vertical axis basically indicates if a state puts a low or high SALT burden on its residents.
The horizontal axis indicates if a state’s Balance of Payments with the Feds is positive (to the left) or negative (to the right). That is, does the state get back from the Feds (in goods and services) more or less that its residents pay in Federal taxes.
For example, Hew York is in the upper right quadrant.
Chuckie is right: New York (a high SALT state) pays more to the Feds than it gets back.
Maryland and Virginia are in the upper left quadrant: residents pay high SALT but get more back from the Feds than they pay in Fed taxes.
All of which illuminates a couple of interesting points …
The Homa Files 