House 'Committed' to Retaining Some State and Local Tax Deductions, Chairman Says

House 'Committed' to Retaining Some State and Local Tax Deductions, Chairman Says

The chairman of the House of Representatives' tax-writing committee said on Sunday he would not accept the total elimination of state and local tax deductions in the final tax reform bill.

President Donald Trump just added complications to the Republican tax-reform debate. The House bill would eliminate existing federal tax breaks for state and local income or sales taxes, but preserve a property-tax deduction capped at $10,000.

Trump praised new bills in the House and Senate, called the Tax Cuts and Jobs Act (TCJA), but suggested a few improvements.

It is a chief concern for a group of House Republicans who face re-election battles next year in high-tax, typically Democratic-leaning states such as California, New York, New Jersey, Connecticut and MA.

Many Republicans have feared that they could write a tax bill only to have their effort shadowed by late-game commentary by Trump.

The deduction is particularly important to residents in states with high property values or tax rates.

Chance of rain on Tuesday
Temperatures will reach a high of 49 degrees and 47 degrees on Monday and Tuesday , respectively, forecasters predicted. The National Weather Service says there's a chance of some inland areas of CT could see some snowflakes on Monday .

On Sunday, Brady rejected the idea that some middle-class families would be "losers" under the House plan because of provisions that include ending deductions for student loans and for medical expenses that exceed certain individual thresholds.

Trump's proposed top rate of 35 percent is lower than those proposed by both the House and Senate.

The GOP senator also said the Senate Finance Committee would like to "simplify" taxes.

Trump and some Republicans favor including a repeal of the mandate in tax overhaul legislation. It also goes against his repeated insistence that tax legislation should be focused on providing middle class tax relief rather than cutting taxes for wealthy filers like himself. "That's how we're going to pay for the tax bill", Cohn said on Fox's "Sunday Morning Futures".

The language echoed comments from House Speaker Paul Ryan, R-Wis., who last week walked back his statement that "everybody gets a tax cut". The House wants to reduce the number of brackets, but leave the 39.6 percent top rate alone.

Under the new Senate bill, for example, the conservative Tax Foundation estimates the top 1 percent of taxpayers would see a 7.5 percent increase in after-tax income, versus less than 2 percent for the bottom 80 percent.

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