Tax Reform Debate Update: 11/22/2017 | U.S. Chamber of Commerce
Nov 22, 2017 - 9:15am

Tax Reform Debate Update: 11/22/2017

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The Internal Revenue Service headquarters in Washington, D.C.
The Internal Revenue Service headquarters in Washington, D.C.

Here is your daily round-up of news and analysis to keep you informed as tax reform works its way through Congress.

In the news

American Action Forum. Douglas Holtz-Eakin: “SALTy Tax Talk

One of the most contentious aspects of tax reform has been the elimination of federal deductibility of state and local taxes — known as the SALT provision. The Senate Finance Committee-passed version eliminates SALT entirely, while the House-passed version retains deductibility of up to $10,000 of property taxes. The proposal has some Representatives and Senators of high-tax states up in arms: Sen. Dianne Feinstein charged that “Californians will be hit especially hard by the elimination of the state and local tax deduction, or what we call SALT. The 6 million California households that claim the deduction could either see their tax bill go up or see cuts to vital services like schools and roads.”

Indeed, a quick perusal of news sources yields slews of apocalyptic predictions about the impact of eliminating SALT. But what would actually happen?

Tell Congress: The time for tax reform is now.

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