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How the Federal Tax Cuts and Jobs Act Can Help Solve the Public Pensions Problem

How the Federal Tax Cuts and Jobs Act Can Help Solve the Public Pensions Problem

Most of the 41 states with state income taxes conform in some way to the Federal Tax Code. For example, Colorado uses the federal definition of taxable income to figure state taxes owed, and taxable income is one’s income after all deductions.[5] This means any Colorado taxpayer who loses deductions and exemptions at the Federal level also loses them at the state level. And, unlike the feds, neither Colorado nor any other state has reduced its tax rates to reflect the broader tax base.

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