Democrats in High-Tax States Plot to Blunt Impact of New Tax Law
“Maybe people are starting to realize,” Mr. Pennacchio said, “you’ve got to tiptoe
when it comes to raising taxes, because it can do more harm than good.”
Still, lawmakers from both parties said it would be hard to cut taxes enough to offset the impact of the new tax law.
contribution to state
Then, the full $30,000 is deductible, as it was
How One State Tax Option Might Work
The family pays $30,000 in state taxes, all of it deductible from federal income taxes.
Prior to the new tax code
The family pays $30,000 in state taxes, all of
it deductible from federal income taxes.
How One State Tax Option
The new tax law caps state and local tax deductions at $10,000; they were previously unlimited.
Mr. Sweeney, the Senate president, said that because of the new tax law, he had
“pressed the pause button” on a plan to impose a new tax on millionaires.
