June 20, 2016

American Press: Tax changes allow for lower income tax rate

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“As costly and unfair as the deduction is right now, it’s very likely that it will become even more so in the next couple of years,” ITEP said. “States that offer this deduction are especially susceptible to federal tax changes and it seems likely that the federal income taxes paid by the best-off Americans will rise in the future. Since the best-off residents in each state are the primary beneficiaries of the state tax deduction, an increase in their federal taxes will increase the cost of this tax break.”

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