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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?