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State Tax Hikes Aided By Deductibility Rules.(ISSUES & INSIGHTS)(VIEWPOINT)
Byline: Chris Edwards and Jason Clemens
Across the country, state officials are saying they need to raise taxes to close budget gaps.
States have proposed tax increases for fiscal 2004 of $17.5 billion, which exceeds the previous record of $15 billion, set in 1992, according to the National Governors Association.
Some states are cutting spending, but NGA data show that for the 49 states other than troubled California, spending will rise in 2004 by more than 2%.
One reason legislators favor tax hikes is that the federal tax code encourages them to raise taxes by providing a deduction for state and local income and property taxes.
Taxpayers who itemize get part of their state and local tax burden offset by the federal deduction. That softens the blow of living in a high-tax state and mutes interstate tax competition for mobile residents.
This effect led President Reagan's Treasury 20 years ago to propose eliminating all deductibility of state and local taxes.
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