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Two New Jersey Democrats are leading an effort to expand a valuable tax break for state and local levies in the next virus-relief package, a long-shot effort as lawmakers continue to squabble over the size and scope of the next round of stimulus.
Federal aid for COVID impact, the Gateway tunnel and a repeal of the cap on state and local tax deductions appear more likely once Democrats control Senate.
Moves to a lower tax state maybe hard to do in the next 7 days but something to think about in 2020. >> no doubt about it. the on the salt deduction was a killer from a tax standpoint for a lot of people in high tax states like new york or new jersey or connecticut. you may want to give some thought into thousand 22 hightailing it out for greener pastures, florida, texas where there is no income tax. rob: the states, you will see what happens. there is another big thing you say if you have a few more means than other people, start a gifting program to ensure your money goes to your heirs somew...
Over three years. rob: i will add one here to get on top of it. the green new deal, very much at the forefront of the environmental fight. he drives around in suburbans everywhere he goes. we had bloomberg who was billionaire took the subway. de blasio needs a caravan of suburbans everywhere he goes. >> this is someone who will not practice what he preaches. rob: say one thing and do another. >> this is someone who wants to bans skyscrapers and hamburgers. very limited things to say to the people of iowa and south carolina and wherever he goes in the future. rob: we have a population drop down...
We know what the rules are and that's forcing states like new york to endure tax competition. paul: we heard cuomo ring the alarm bell, no question about that and candidly so. are we seeing states like new york change their behavior, change their policies to become more competitive in terms of the business climate? so far at least, i don't see that happening here. is it going to have to happen? >> i think it will over time as states begin to realize they can no longer shift this bu burden o washington. you know, the governor tries to blame this on a blue state, red state issue. it's really not...