Senate tax reform bill maintains state, local tax elimination
13 November, 2017, 19:12 | Author: Valerie Burke
But the Senate bill does maintain the elimination of the state and local tax, or SALT, deduction, something that has brought stern opposition from New York's Democratic lawmakers as well as some Republicans, including U.S. Rep. Elise M. Stefanik, R-Willsboro.
President Donald Trump's top economic adviser, Gary Cohn, said on "Sunday Morning Futures" that he expects the legislation to go to a conference committee that reconciles differences between the House and Senate versions before returning a report to both chambers for final passage. Under the House plan, taxpayers could still file for a deduction of property taxes under the proposed plan, but that's capped out at $10,000, while deductions for state and local income taxes and sales taxes would disappear.
The Senate plan proposes to eliminate federal tax breaks for all state and local levies, including property taxes.
The deduction is particularly important to residents in states with high property taxes, such as NY and California.
The Senate bill also sets the child tax credit at $1,650 per child - a $50 increase over the credit included in the House bill.
The Senate Finance Committee is scheduled Monday to begin considering its version of the bill, which also departs from the House version by delaying a corporate tax cut until 2019.
"Like capping SALT deductions at $US10,000 in the House plan, removing all SALT deductions would have the largest potential impact in markets where property taxes are high, either because home values are pricey or because property tax rates are".
Both seem sure to produce winners and losers, tax analysts say. Right now, the federal government can't tax residents on money they are already spending on local and state taxes, the GOP plan would make these taxes available to be taxed by the feds.
"This matters a lot for the Berkshires: The way the tax cut is designed, most of the benefits are going to people at the top of the income distribution, most of the direct benefits", said Jon Bakija, a Williams College economics professor and chair of the political economy program.
On personal income taxes, neither the House measure nor the Senate measure is written to favor the highest earners.
Other sticking points include a proposal by the Senate to delay implementation of a cut in the corporate tax rate and a House plan to eliminate the estate tax on inheritances.
King said he can't vote for the bill right now and bemoaned the justification of taking deductions away from "high-tax" states such as NY.
Working-age renters could be big losers, since they would see no benefit from eliminating homeowner property taxes. Schumer said in a statement.
American millionaires and billionaires are banding together to urge Republicans in Congress to raise their taxes instead of cutting them.
The nonpartisan Congressional Budget Office estimated last week that repealing the individual mandate would save Republicans $338 billion over the next 10 years and would give them additional revenue to cut taxes.
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