The state and local tax deduction has its fair share of critics, including conservative lawmakers who argue it is an unfair federal subsidy of wealthier states with high taxes. Even lawmakers who want to kill the state and local tax deduction have acknowledged that it may survive. Last week, Gary D. Cohn, the director of the National Economic Council, signaled that President Trump would be willing to negotiate on the state and local tax deduction. The preliminary estimate of the cost of the overall plan by the Tax Policy Center was $2.4 trillion over 10 years. Asked if preserving the state and local deduction was one of the details he was willing to change, Mr. Hatch responded affirmatively.

Source: New York Times October 03, 2017 23:06 UTC