And Now, Son of Tax Reform

Taxpayers have scrambled for months to batten down for the new federal income tax era that finally began on Jan. 1. For those who thought the tax frenzy would finally die down -- surprise! They may soon discover that even as their federal tax rates fall, they will have to pay a bigger bite of their income than before to their state. This paradox is the direct result of federal tax reform, whose provisions will, unless modified by state governments, trigger billions of dollars in additional state taxes. What to do with the windfall is already causing consternation and debate in...