Tax package would ease hit to residents of high-tax states
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December 13, 2017
WASHINGTON (AP) — Congressional Republicans on Tuesday were speeding toward an agreement on a massive tax package that would ease the hit on Americans living in high-tax states and appease corporations that could have lost precious tax breaks.
Negotiators were working to expand a deduction for state and local taxes to allow individuals to deduct income taxes as well as property taxes, said two congressional aides. Negotiators were also working to eliminate the alternative minimum tax for corporations.
Negotiators agreed to let homeowners deduct interest on the first $750,000 of a new mortgage,...
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