K-12 Tax & Spending Climate: Commentary on Federal Taxpayers Subsidizing some states

Adam Ashton:

They’re the Californians who will lose a collective $12 billion because the new law caps a deduction they have been able to take for paying their state and local taxes, according to a new analysis by the Franchise Tax Board.

Very wealthy Californians earning more than $1 million a year will pay the lion’s share of that money, with 43,000 of them paying a combined $9 billion.

But some middle-class Californians will pay more, too.