This bonus season is off to a shit start. All I know is that if tax reform passes, New York needs to go to $200K to compensate for the lost SALT deduction. Only states and cities that levy SALT tax should get a raise.
— A disappointed Biglaw associate, offering commentary on Biglaw’s 2017 bonus season and the Tax Cuts and Jobs Act, which if enacted, would completely eliminate federal deductions for state and local taxes (SALT). According to a Tax Foundation report, New York has the heaviest state and local tax burden in the nation.
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Staci Zaretsky has been an editor at Above the Law since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.