Yet another Sizemore attempt to make the world safe for the rich and reduce the size of State government to a point at which it could be drowned in a bathtub, Measure 59 would eliminate the cap on the deduction of federal taxes from state income taxes. Let’s say you’re a single person who is lucky enough to make $100,000 per year. You’d expect to pay in the 28% tax bracket for federal taxes and in the 9% tax bracket for your state taxes. Let’s say, for the sake of argument, that you have $15,000 in federal tax liabilities. You’re actually then only being taxed on $94,500 for your state taxes, since the first $5,500 of federal taxes is deductible on your state taxes. If Measure 59 passes, you would only pay state taxes on $85,000 of your income.
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