NBC News: Even Families Making $100K Won’t Be Better Off Under New Tax Plan

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