Sentences with phrase «popular federal tax deduction»
WASHINGTON — President Donald Trump's tax reform plan unveiled today would eliminate the state and local tax deduction, taking away from New Yorkers their single most popular federal tax deduction.
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With the tax reform debate now fully underway, Apartment List examined the popular mortgage interest deduction (MID) and compared federal expenditure on the MID to spending on Section 8 rental assistance programs.
The budget includes his proposal to help those negatively impacted by the new federal tax code, which caps a deduction for state and federal taxes that is especially popular in high - tax states such as New York.
This is because «the new federal law caps a deduction for state and local taxes that is especially popular in high - tax states like New York.»
In addition to federal funding being at risk, the tax reform plan proposed by Trump and the GOP, which will eliminate a popular state and local tax deduction on which high - tax states such as New York, New Jersey, California and Virginia depend.
That deduction had been popular in high - tax, Democratic states like New York, Connecticut and New Jersey, where many homeowners now face big increases in their federal tax bill.
The recently enacted federal tax law will raise many New Yorkers» federal taxes by sharply capping a deduction for state and local taxes that was especially popular in high - tax states.
That deduction had been popular in high - tax, Democratic states like New York, Connecticut and New Jersey, where many homeowners now face big increases in their federal tax bill.Cuomo said the lawsuit could argue the tax law violates states» rights and is unfair because it singles out Democratic states for political reasons.
De Blasio and Murphy vowed to work together to rally against the GOP's massive federal tax overhaul that calls for the elimination of popular tax deductions — such as state and local property tax costs and student loan interest payments — which they argue will hurt middle - class taxpayers.
The law will raise many New Yorkers» federal taxes by sharply capping a deduction for state and local taxes that was especially popular in high - tax states.
The new federal law caps a deduction for state and local taxes that is especially popular in high - tax states like New York.
The mortgage interest deduction is one of the more popular tax deductions under the Internal Revenue Code, which also makes it one of the most «expensive» for the Federal government, and therefore one of the biggest targets of tax reform.