Page 34 - Salt Deduction News Today : Breaking News, Live Updates & Top Stories | Vimarsana

We wonder how far apart are the house and senate in this? >> as relates to the local taxes, seems to me that it's geographically driven. if you take california, new york, new jersey and connecticut, that could be very important. if you take a state like nevada where we literally, our property taxes are affordable. we don't look at that if i'm going to buy property. those in higher areas, it could have a major impact and could end it. >> kennedy, what are you looking for here? what stands out to you as we await more details? >> end the shell game. you're telling people that you're going to redu...

We create a new family credit to help every family in america keep more of what they earn. when you do that you make sure that whether you're in new york or kansas, you know, you keep more of what you earn. >> well, it's not passing the math test for some. another republican says i am a no. eliminating the s.a.l.t. deduction would be a geographic redistribution of wealth. >> i want to make this correction. he's a champion. he wants to make sure his families are better off after tax reform than before. i agree with that. but to be accurate, we do restore the state and local property tax deducti...

Members leaving the briefing today, many still have reservations, they have concerns, they say look, we haven't really been able to read this bill. it was largely crafted behind closed doors. we want to go over every detail before we can sign off on that. we heard from as you noted, many members from new york, new jersey, those high tax states who still have concerns on one of the most contentious issues that has always been there, the state and local income tax issue. i talked to congressman dan donovan from new york and he said he's not sure if the deal that was struck to keep those property...

Especially for folks in the higher tax states. could potentially mean higher taxes for some individuals, right? >> it could. and that certainly is why it has been and continues to be one of the biggest sticking points about this bill. now we heard from lawmakers from those high tax states like new jersey, like new york come out of the meeting today where they were briefed on the bill and expressing concern. expressing concerns saying that the confessions that were made to win them over notably allowing the deduction on property taxes capped at $10,000. they said that that was too low. that's n...

State of new york. we're a very high taxed state. through the very poor policies in albany that have been ran through with high taxes, high cost of living and particularly on the local level, as unfunded mandates have forced us to some of the highest taxes in the nation. without salt, something like 62,000 or greater of my constituents would end up paying more in taxes if we eliminated the salt deduction altogether. we voted no. a number of us in new york state. 7 out of the 9 republicans and every other democrat voted against the budget because of what was coming in the tax reform bill. we im...