Popular state tax deductions under attack
http://cityandstateny.com/articles/politics/this-weeks-headlines/headlines-salt-tax-deduction-under-attack-mta-on-the-decline.html
Tax cut attacks popular tax deduction in New York
On Thursday, the House of Representatives passed its version of a sweeping tax reform plan, promoted by President Donald Trump and Republican leadership desperate for their first major legislative win. The bill was approved over the opposition of several GOP lawmakers from states with high property taxes, including New York, because of a provision that would repeal the state income and sales tax deduction and cap the state property tax deduction at $10,000. As many New Yorkers rely on that deduction, the plan could have a serious effect on the state’s economy. The Senate version of the bill goes even further, repealing the state and local tax deduction entirely. The Senate bill also includes a repeal of the individual mandate, a provision in the Affordable Care Act that fines people who do not purchase health insurance. The bill passed in the House is not likely to be the last version of the plan, but New Yorkers should be warned that a partial or full repeal of the state and local tax deduction could remain in the final bill...
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