Republican leaders are moving urgently on what would be the first rewrite of the US tax code in three decades. The deduction is particularly important to residents in states with high property values or tax rates, such as New Jersey, Illinois, California and New York. Both the House and Senate bills would eliminate deductions for state and local income taxes and sales taxes paid. “Obviously we would prefer if they kicked in sooner rather than later, but we’re going to work with the Senate on that issue,” Mnuchin said. Mnuchin also rebuffed projections that the proposed tax cuts would increase the national debt.

Source: The Guardian November 12, 2017 17:40 UTC