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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (1122293)3/3/2019 12:18:05 AM
From: puborectalis  Read Replies (1) of 1574774
 
There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.

The figures were revealed in an audit conducted by the Treasury Inspector General for Tax Administration that examined Treasury Secretary Steven Mnuchin’s efforts to block local governments’ attempts to stop the federal government from taking an extra bite out of community residents.
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