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Will San Diegans benefit from proposed federal tax plan?


Friday, November 10, 2017

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GOP tax planA House Ways and Means Committee staffer with copies of the GOP tax overhaul plan. (AP)

Kelly Cunningham, National University System - NO: Capping mortgage interest, and eliminating state/local income, sales, and several other expense deductions certainly harms more expensive places like San Diego. California already subsidizes the rest of the nation, for every one dollar paid in federal taxes the state gets back about 80 cents. For the federal government to take even more taxes from California will further impinge the state economy. Taxes slow the economy, reduces wealth, reduces investments, reduces wages, reduces standard of living.