Wednesday, April 26, 2017

Trump tax plan eliminates most popular deduction taken by New Yorkers

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.

The loss of the deduction will cost New Yorkers an average of $4,500 per year for those who file itemized returns, totaling about $68 billion per year that state residents will no longer be allowed to deduct from their federal tax returns.  Read full story here

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