Over the last few weeks we have witnessed the federal legislative process at its worst. The tax “reform” bill is nothing more than an ill-conceived, and ill-advised attempt to accomplish something in the current administration's first year in office. The most egregious element in the bill is to eliminate state and local tax deductions, otherwise known as SALT.
Since the federal income tax was adopted in the early 20th century, it has been recognized that state and local government taxes should be respected. The deduction of state and local taxes has contributed to the stability of state and local tax revenues that are essential for providing public services. Any change that disrupts the stability of their tax structure will harm their ability to fund essential services. States that do not have income taxes are licking their chops over the likely pilgrimage to their borders of well-to-do execs who will finally say, enough is enough, pepper on the wound.
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Anthony J. LoPinto
Tony LoPinto is the Global Sector Leader of Korn Ferry’s Real Estate Practice and founder of SelectLeaders. For the past 18 years LoPinto has been serving his clients with deep knowledge and perspective on talent needs and organizational challenges to public and private companies – knowledge gained from a 25-year career in real estate. Prior to his current position, he founded and served as chief executive officer of a boutique real estate executive search firm, where he oversaw offices in New York, Chicago, Washington, DC, San Francisco and Los Angeles. He has successfully led several high profile search engagements for chief executive officers, directors and a wide-range of executive level positions across all industries and sectors. He earned a Bachelor of Arts degree in European history from Loyola University in Chicago.
