Congress Appears To Find Compromise On State, Local Tax Deductions In Tax Reform Bill
Congressional Republicans are expected to unveil their tax reform bill in the coming days, and it appears one area of disagreement has been resolved.
Under the proposed deal, taxpayers would be allowed to continue to deduct their local property taxes from the federal ones, but not their state income taxes.
With me now to talk about this is Shawn Novak. He's a former adviser for the U.S. Senate Finance Committee; he’s now with the ASU School of Public Affairs and studies tax policy.