Tags: secretary of the treasury | steven mnuchin | gary cohn | local and state taxes

Report: Decision Near on Federal Deduction for State, Local Taxes

Report: Decision Near on Federal Deduction for State, Local Taxes

By    |   Tuesday, 31 October 2017 11:13 AM

Secretary of the Treasury Steven Mnuchin and National Economic Council Director Gary Cohn say a decision will come soon about the federal deduction for state and local taxes, they said to New York’s nine Republican House of Representatives members Monday night.

"They’re saying they’re close," said Rep. Dan Donovan, R-N.Y., in Politico.

Congressional Republicans have proposed ending the deduction, which has the support of President Donald Trump, but more recently, House Republican leaders have proposed keeping a property tax deduction but removing the deduction for non-federal income and sales taxes, according to Politico.

The head of the House’s tax-writing committee, Rep. Kevin Brady, R-Texas, said Monday that taxpayers would be able to continue deducting local property taxes, according to CBS News.

Mnuchin and Cohn better understand the tax deduction situation because they have lived and worked in New York, as has Trump, Donovan said.

"They understand how important it is to the nine of us and the people we represent," Donovan said in the Politico report, adding that he and the other Republicans have heard more from their constituents on the deduction issue than on any other.

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Secretary of the Treasury Steven Mnuchin and National Economic Council Director Gary Cohn say a decision will come soon about the federal deduction for state and local taxes, they said to New York’s nine Republican House of Representatives members Monday night.
secretary of the treasury, steven mnuchin, gary cohn, local and state taxes
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2017-13-31
Tuesday, 31 October 2017 11:13 AM
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