Why a GOP tax proposal could be bad news for your clients
A key tax reform would do away with the federal deduction for state and local taxes, a move that would especially hurt taxpayers in high property tax states like New York, New Jersey and California.
Conservative activists and House Republican leaders want to eliminate a trillion-dollar tax break that mostly benefits wealthy filers in Democratic states, a push that could further imperil President Donald J. Trump's hopes of winning bipartisan support for a tax overhaul.
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