Policy Analyst @CalBudgetCenter working on tax policy issues. Tweets are my own.
Apr 27, 2022 • 9 tweets • 3 min read
OK, I'm a week late here, but in case it's helpful for anyone, providing more context to this wonky issue -the elective pass-through business tax - that's creating additional complications for #cabudget revenue projections. LONG WONKY THREAD
As @schwahoney's thread notes, this stems from the 2017 federal "Trump tax law." Among its many provisions, it created a $10,000 cap on state & local taxes individuals can deduct from their incomes for federal tax purposes.
