Congressman Adam Schiff says taking the state tax deduction away in the proposed GOP Tax Reform plan is punishment for Democratic-leaning California.
”I don’t think it’s escaped anyone’s notice that this is basically a blue state tax. I don’t think the president would be entertaining this, or the GOP Congress if it were mostly affecting red states and we shouldn’t be making tax policy that way.”
He says the proposed tax cuts will only make the U.S. deficit worse.
“The prevailing philosophy behind this outline so far is it will pay for itself. That’s a wonderful sales pitch, but historically it has never proven itself to be true. It may be a good idea to reduce taxes; and certainly on certain people who are paying a disproportionate share. We should reduce taxes on companies that are paying the full freight. We should reduce taxes and we should make sure that companies don’t get away with paying no tax because they have good lobbyists. But the reality is, (the cuts) don’t pay for themselves.”
Schiff was a guest on McIntyre in the Morning.