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Will My Reaction to Their Tax Plan Break Their Hearts?

The federal tax legislation passed in December limits the deduction for state and local taxes to $10,000. In some states, many taxpayers‘ state and local tax bills exceed that amount by more than a little bit. In some instances, their state and local tax bills can reach two, three, four, or more times the limit. State and local politicians in these states, who rightfully view the limitation as a siphoning of funds from their states to states traditionally dependent on the federal income tax revenue they like to criticize, have taken several approaches to dealing with the issue.
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