WASHINGTON ― Despite a lot of talk about taxing the rich, Senate are pushing a resolution that goes in the opposite direction.
The Republican-backed tax law that signed at the end of 2017 cut taxes for the vast majority of households, but wealthier ones reaped the biggest benefit. A sliver of higher-income taxpayers, however, was clobbered by the law’s $10,000 limit on the amount of state and local tax payments that can be deducted from filers’ federal taxable income. knew this change would especially hit high-tax states where people tend to vote Democratic ― like New York and California.
On Wednesday, the Senate will vote on a resolution that would benefit those blue state inhabitants by striking a Treasury Department