Will Congress kill a $101-billion tax break for Californians?

[Zorro]

For California, it’s the $101-billion question: Will Congress eliminate a major tax break that benefits state residents more than those anywhere else in the country?

A plan by House Republicans calls for axing the federal deduction for state and local taxes. The provision allowed Californians to reduce their taxable income by that amount in 2014, according to an analysis by the nonpartisan Tax Foundation.

That figure was one-fifth of the total value of the deduction nationwide.

California’s pain may be Republicans’ gain, though, as lawmakers and the White House turn to tax reform after the failed attempt to repeal and replace President Obama’s healthcare law.

http://www.latimes.com/business/la-fi-state-tax-deduction-20170403-story.html

These Republican assholes are really pushing the envelope.

[GP6971]

1. I would expect the same treatment

for any blue state. Especially the ones with state income taxes.

[Wellstone ruled]

2. Getting Real about what will happen with

Income Taxes. Everyone making under 75k is about to get slammed big time. Expecting most couples will see a 2k increase. Wall Street is screaming about not getting their 1.1 trillion break.

[SickOfTheOnePct]

3. It will hurt taxpayers in any state

with a state income tax; it will hurt Californians who itemize more simply because California has one of the higher state income tax rates.

[Igel]

4. That provision won't hurt Texas.

No income tax. Everybody gets a deduction we don't.

Then again, we still pay to the state. Granted, we're down around #44 or 45. It's still "income" that Texans don't have. (I put "income" in quotes because I don't think of tax deductions as income; many think deductions are subsidies or incomes, as opposed to offsets against monies owed. I don't have much of a liking for that kind of politically-manipulative speech.)

[SickOfTheOnePct]

5. That's what I just said

It will hurt any taxpayers who itemize in states that have a state income tax.