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Luxury Real Estate Advisors Private Collection (22 of 22)

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Veer Towers Condo Unit 1402 West

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December 26, 2017

Tax Bill Kills State Tax Deduction, So California’s 13.3% Prompts More Exits

The Tax Cuts and Jobs Act is out, and you can wade through the 429 pages here. As this helpful summary of the plan states, it would eliminate the state and local tax deduction. If you pay high state income taxes–think California, New York, and many other places–you’ll care about this. Tens of millions of Americans claim this tax deduction, writing off their state and local taxes to reduce their federal income tax. Lots of taxpayers, Republicans and Democrats alike, could even rethink where they want to live. After all, it already hurts to pay high state taxes. No deduction is some serious lemon juice in that state tax paper cut.

Tax Benefits Of Being a Nevada Resident

 

 

 

https://www.forbes.com/sites/robertwood/2017/11/03/tax-bill-kills-state-tax-deduction-so-californias-13-3-prompts-more-exits/#28fa081e5463

 

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