(Melina Mara/The Washington Post)House Republican leaders are making last-minute changes to their tax bill in an attempt to win over skeptical members within their own party, crafting a provision that would allow Americans to deduct their local property taxes from their federal taxable income. Currently, taxpayers who itemize their deductions can write off their property taxes and also choose to deduct either their state and local income or sales taxes. “Right now on the postcard will be the mortgage deduction, the charitable [giving deduction] and the property tax deduction,” Brady said. Republicans are trying to blunt criticism that their tax bill would hurt homeowners and the real estate industry. Allowing Americans to deduct their property taxes from their taxable income could make the broader tax bill more expensive unless other changes are made to offset the adjustment.

Source: Washington Post October 30, 2017 20:59 UTC