The bill would eliminate the tax deduction for state taxes and leave only a limited deduction for up to $10,000 in local property taxes. The group expressed concern that the corporate tax cuts on small businesses that pay taxes on pass-throughs via their owner’s individual tax returns were insufficient. But curtailing the state and local income tax deduction is sure to face opposition from Republicans in high-tax states. Trump team claims US families will receive extra $4,000 a year from tax cuts Read moreSlashing the corporate tax rate from 35% to 20% was a key demand of Trump’s. The ambitious timetable calls for passing the complex measure in the House by Thanksgiving and House Republicans have already announced a markup hearing for the bill on Monday.

Source: The Guardian November 02, 2017 15:00 UTC