This might not help taxpayers who live in states with high state and local taxes. Currently, taxpayers in the bottom half of the top income quintile — that is, those with an average income of $129,000 — pay nearly 11 percent in state and local taxes as a percentage of income, according to the Institute on Taxation and Economic Policy. Under today’s tax code, they can write off state and local taxes on their federal returns; Trump’s plan would eliminate nearly all deductions, save for mortgage interest and charitable donations. Read more
May 2, 2017
NBC News: Even Families Making $100K Won’t Be Better Off Under New Tax Plan
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