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Threat to Tax Deduction Roils High-Tax States
Stateline: When U.S. Senate Democratic Leader Chuck Schumer of New York filed his 2014 federal tax return, he got to deduct about $62,000 from his taxable income — the amount he and his wife paid in state and local taxes.
Schumer is an example of the kind of taxpayer who benefits most from the ability to reduce federal income tax liability by deducting state and local taxes paid the year before. And he and millions of others stand to lose billions in tax benefits overall if a proposal being considered by President Donald Trump and the Republican-led Congress to scrap or reduce the deduction is enacted.
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