Senate tax reform bill maintains state, local tax elimination

Here's what the current GOP tax plan would mean for estate and gift taxes in New Jersey

Campbell criticized the cuts (in the House bill) or elimination (Senate bill) of state and local tax deductions, as well as the House proposal to limit interest deductions to $500,000 principal. The House bill would repeal it only for state and local income and sales taxes, but preserve it for property tax up to $10,000 a year.

Red to Blue California, a PAC seeking to unseat seven vulnerable GOP lawmakers, began running digital ads Monday casting the tax bill as "billionaire tax cuts" and urging voters to on call their members of Congress members to oppose the plan.

Taxpayers in liberal havens such as NY and California claim the majority of the total state and local tax deductions taken each year, while more conservative states such as Texas generally have fewer regional taxes, including state income taxes. Signers include Ben & Jerry's Ice Cream founders Ben Cohen and Jerry Greenfield, fashion designer Eileen Fisher, billionaire hedge fund manager George Soros and philanthropist Steven Rockefeller, as well as many individuals and couples who aren't household names but have at least $1 million in assets.

"A majority of people are not supportive of a cut in the corporate tax rate; that may be why people don't like" the plan, said Bakija, whose book "Taxing Ourselves: A Citizen's Guide to the Debate Over Taxes" just came out in its third edition.

"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".

"I think a tax cut is absurd", said Bob Crandall, a former American Airlines chief executive who signed the letter. They say the money that corporations and the rich save on their taxes would likely be used to start new companies or build new factories.

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Other elements of the tax bills in Congress should shield some of Pennsylvania's income tax payers by, for instance, lowering tax brackets and increasing the standard deduction.

Although most European shares were not affected by the news, most US stocks declined with the S&P 500 index losing its eight-week high.

In 2015, the most recent year for which data is available from the IRS, Massachusetts taxpayers deducted $11.9 billion paid in state and local taxes from federally taxable income.

"Republicans should go back to the drawing board and fully restore the SALT deduction", he said in a statement. "We're going to simplify taxes somewhat", said Toomey. "Looks like Republicans wrote the business side, but it sure seems like Democrats wrote the new rules for individuals", anchor Stuart Varney argued.

"This has to be one of the few times members of Congress have been visited by people saying don't give me a tax cut", said Mike Latham, who inherited sizable wealth from his family's paper mill in upstate NY and now directs the Responsible Wealth project at United for a Fair Economy.

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