Trend Results : Property Tax Deduction


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Partial preservation of income tax deductions softens blow to Californians

The GOP’s tax agreement announced Wednesday, although not finalized, would allow Californians filing federal taxes to deduct up to $10,000 for state and local income taxes and property taxes combined.

The 11 worst places to buy a home if Trump's tax plan passes

Republicans have reached a preliminary agreement on their tax bill, meaning tax reform could soon be finalized. The proposed tax bill limits the property tax deduction to $10,000 a year — currently, homeowners can deduct their property...Show More Summary

How states that carried Trump to victory avoid one sticky part of the tax bill

``When the House and Senate passed their respective tax bills, they agreed on one thing: The repeal of state and local tax deductions, except for property taxes. Those are capped at $10,000... As the Tax Foundation has shown, the Rust Belt states that propelled Trump to office have some of the highest property taxes in the country. Show More Summary

Cuts to homeowner tax breaks could cost Republicans in 2018 races

last weekNews : The Raw Story

Laura Russo is just the kind of voter the Republicans need, but the party’s proposed tax overhaul, which includes limits on the deductions for mortgage interest, state taxes and property taxes, is pushing her away. “I would be dramatically affected,” she said. An airline pilot and...

Tax reform's $10K property tax deduction is worthless

Many homeowners breathed a sigh of relief when the Senate's version of tax reform followed the House's H.R. 1, the Tax Cuts and Jobs Act, and included a tax deduction for property taxes. But it might be time to start hyperventilating again. Show More Summary

The GOP’s $10,000 cap on property tax deductions and how it affects one congressional district

“According to data direct from the IRS, allowing property tax deductions up to $10,000 — which I fought for and won — will cover nearly every taxpayer in the Third Congressional District.” — Rep. Tom MacArthur (R-N.J.), in an opinion article, Nov. 18, 2017 A key feature of the House and Senate tax bills is […]

Senate passes huge tax cuts after last-minute changes; conference with House next

last weekNews : USAToday: News

Republican leaders cut deals to get support from holdouts that included bigger cuts for some businesses and a $10,000 property tax deduction.        

Republicans likely to keep some property tax break. It's still not good for many Californians

A key U.S. senator indicated Thursday that the Republican tax bill was all but certain to keep a limited deduction for property taxes — a partial victory, but at the same time, a major loss for Californians. Like residents of other high-tax states, Californians would benefit from being able to...

Republicans likely to keep some property tax break. It's still not good for many Californians

A key U.S. senator indicated Thursday that the Republican tax bill was all but certain to keep a limited deduction for property taxes — a partial victory, but at the same time, a major loss for Californians. Like residents of other high-tax states, Californians would benefit from being able to...

Eliminating the Deduction for State and Local Income Taxes Reduces the Value of the Mortgage Interest Deduction

The NYT had a good piece discussing the potential impact of capping the mortgage interest deduction and property taxes on the housing market, however the piece missed an important way in which the Republican tax bills would reduce the benefits of the mortgage interest deduction. Show More Summary

Chairman: House won't agree to nix property tax deduction

WASHINGTON (AP) — The chairman of the House's tax-writing committee is expressing confidence that his chamber won't go along with the Senate's proposal to eliminate the deduction for property taxes. The GOP is moving urgently on the first rewrite of the U.S. Show More Summary

Senate GOP plans to remove state income, property tax deductions

last monthNews : NY Daily News

Senate Republicans proposed a tax overhaul that does away with deductions for all state income and property taxes.

Senate tax plan includes full repeal of federal SALT deductions: Senator

last monthNews : The Raw Story

U.S. Senate Republicans’ tax proposal will include a full repeal of federal deductions for both state and local taxes on income, property and sales, Republican Senator Bill Cassidy told reporters on Thursday. (Reporting by Susan Cornwell; Writing by Susan Heavey; Editing by Chris Reese)...

Senate plan to scrap income and property tax deductions would be a blow to Californians

Senate Republicans on Thursday will propose a tax overhaul that does away with deductions for all state income and property taxes, going further than the version proposed by the House and delivering a blow to residents of California and other high-tax states, according to two Republicans familiar...

Senate Republican tax plan may eliminate property tax deductions and delay corporate cut

As they prepare to unveil their own sweeping tax plan, Senate Republicans are revisiting key provisions of the GOP House proposal, including possibly eliminating property tax deductions as well as state income tax deductions, increasing the size of child-care credits, offering more help to small...

Who Would Benefit If Congress Keeps the Property Tax Deduction

The Tax Cut and Jobs Act (TCJA), which the House Ways & Means Committee will consider this week, would generally disallow the state and local...

Tax plan caps property deduction at $10,000, puts new limit on mortgage deduction

Republicans are rolling out a sweeping tax overhaul that they hope to pass by Christmas.        

House Republicans eye capping property tax deduction

House Republican leaders have offered to preserve the property tax deduction that benefits a huge swath of homeowners from California across America to the Carolinas. But their plan could come … Click to Continue »

How Keeping The Property Tax Deduction Could Harm Middle-Class Homeowners

Republican lawmakers have reportedly reached a deal to preserve the deduction for state and local property taxes while repealing the deduction for other state and local taxes as part of their proposed tax overhaul. The compromise is apparently intended to win the support of House Republicans from high-property-tax states like...

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