Did a Tax Increase Tucked Into Trump’s Tax Cut Come Back to Bite Republicans? [The New York Times]
SVMK INC COMMON (SVMK)
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Source: The New York Times
Republicans capped a popular deduction for state and local taxes to pay for the tax bill. That may have hurt some House Republicans in the midterms. Image President Trump signed a $1.5 trillion tax cut into law last December. The law capped a popular tax break used by high-earning taxpayers in high-tax states. Credit Credit Doug Mills/The New York Times Nov. 19, 2018 President Trump’s $1.5 trillion tax cut was supposed to be a big selling point for congressional Republicans in the midterm elections. Instead, it appears to have done more to hurt, than help, Republicans in high-tax districts across California, New Jersey, Virginia and other states. House Republicans suffered heavy Election Day losses in districts where large concentrations of taxpayers claim a popular tax break — the state and local tax deduction — which the law capped at $10,000 per household. The new limit resulted in an effective tax increase for high-earning residents of high-tax stat
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