Tax Bill Fight: 401(k), local property tax breaks back in crosshairs as House faces deadline - News Summed Up

Tax Bill Fight: 401(k), local property tax breaks back in crosshairs as House faces deadline


Thursday’s budget measure passed over protests from 20 Republicans including lawmakers from New York and New Jersey who fear the current deduction for state and local taxes will be sacrificed. However, Brady on Friday seemed to soften his position, telling Fox News that Republicans want to increase those contributions. Another idea to generate revenue is the repeal of the state and local tax deduction, commonly referred to as SALT. Though the deduction disproportionately benefits people in high-tax states and localities, individuals in all states can claim it. But Black said House leaders are still working on ways to make lawmakers in high-tax states happy.


Source: Fox News October 27, 2017 18:56 UTC



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