GOP tax plan revealed

I'm still not tired of winning.

From Fox News:

House Republicans on Thursday unveiled their long-awaited tax bill which preserves the popular 401K retirement account, lowers rates for many individual households but trims deductions for state and local taxes.

A summary of the plan, which was made available to reporters ahead of its public release, would also reduce the cap on the popular deduction to interest on mortgages to $500,000 for newly purchased homes. The current cap is $1 million.

The plan also limits the deductibility of local property taxes to $10,000 while eliminating the deduction for state income taxes. Republicans in high-tax states such as New York and New Jersey had come out strongly against it.

As for that last one--I love it! When they regularly raise taxes blue state leftists try to soften the blow by explaining that local property and income taxes can be deducted from federal returns. My property taxes aren't that high yet, but I lose the state income tax deduction. Limousine liberals will be hit hard. As for myself, it will be a net-win financially.

Perhaps blue state Democrats and complicit Republicans will be less likely to raise property and income taxes in the future. Well, probably not, unless they are replaced by financially responsible public servants.