We’re still possibly losing local tax deductions.
SEC. 3024. Deficit-neutral reserve fund relating to tax relief for hard-working middle-class americans.
The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution, and make adjustments to the pay-as-you-go ledger, for one or more bills, joint resolutions, amendments, amendments between the Houses, motions, or conference reports relating to changes in Federal tax laws, which may include reducing federal deductions, such as the state and local tax deduction which disproportionally favors high-income individuals, to ensure relief for middle- income taxpayers, by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2018 through 2027.
Exactly. Right now, the budget train is headed for higher taxes for millions of middle-class families because those deductions are being targeted for elimination to “pay for” slashing the corporate rate. I’m not making this up. It’s even what the GOP leadership and the Ways and Means Commitee said. The Feds want $1.5 trillion more in revenue by eliminating those deductions. That’s a lot of money. Where are they getting that from? From our wallets.