House of Representatives Ways and Means Committee Chairman Dave Camp, who is expected to unveil his plan soon, is pushing forward with the idea of a tax code overhaul despite expectations that this Congress is too fractured to take on such a big project. The provision, available only to the roughly one-third of federal taxpayers who itemize, allows taxpayers to deduct from their income the value of state and local property tax paid, as well as state and local income or sales tax paid. Claimed by 46.6 million Americans in 2011, the deduction reduced U.S. tax revenues that year by...
