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Edited on Tue Oct-12-04 01:26 PM by denverbill
Congrats to all of us who aren't lucky enough to live in Texas, Florida, or Washington. Congress has just declared that us folks can't do something that those people can.
The Lucky Three now get to deduct their state sales taxes from their federal income taxes. Sure, those states don't have an income tax, and currently, income taxes are the only taxes which are deductible. However, like most normal states, Colorado and virtually every other state use both sales taxes AND income taxes to fund government.
So while Texans face only a sales tax and get to deduct all of it, Coloradoans only get to deduct their income taxes, but are screwed as far as sales taxes go.
Either every state should get to deduct sales taxes or no state. I hope there's a lawyer out there interested in making a name for himself that can get this thing overturned. It's supposed to be against the law to give unequal treatment to citizens from different states.
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