Peterson on the GOP Tax Bill: A Handful of Republicans from Blue States Want Higher Concessions

RUSH EXCERPT:
PETERSON: "Writes a handful of these Republicans from blue states New York and New Jersey say it may be they want 80000 and 10,000 dollars cap was one of the key provisions of the tax law because you have to think about the incentives. How this works the problem with being able to deduct state and local taxes is that it gives states and localities huge incentives to raise their own taxes because they could raise a dollar worth of tax revenue from people living there without inflicting a dollars worth of pain part of that ends up subsidized by federal taxpayers everywhere else."

GIGOT: "The Andrew Cuomo tax increase?"

PETERSON: "Absolutely. You are subsidizing it largely for people with the big houses in expensive real estate locations. Places like New York and New Jersey. There is no reason why everybody else in America should be on the hook for part of that tax bill."