Hi Oklahoma! I’m from Maryland, one of the bluest and most progressive states in the country. Our taxes are way too high. Our spending is out of control. Our state’s finances are a total mess.
But it could get worse. If Congress can’t get its act together, Oklahoma taxpayers and residents of other red states across the country might help bail out Maryland with an enormous tax cut for our wealthiest residents.
That’s the way the state and local tax deduction works, better known as SALT. If you’re not familiar with SALT, it is basically a blue state tax scheme. It allows wealthier taxpayers to deduct what they pay in state and local taxes from their taxable federal income.
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