House won't agree to nix property tax deduction: committee chairman

Wednesday, 15 November 2017, 01:54:22 AM. Republicans in the House and Senate are aiming to put a tax cut bill on the president's desk before Christmas, but major differences exists.
WASHINGTON — The chairman of the House’s tax-writing committee said Sunday that he’s confident that chamber won’t go along with the Senate’s proposal to eliminate the deduction for property taxes, setting up a major flashpoint as Republicans aim to put a tax cut bill on President Donald Trump’s desk before Christmas. The GOP is moving urgently to push forward on the first rewrite of the U.S. tax code in three decades, but key differences promise to complicate the effort. Among the biggest differences in the two bills that have emerged: the House bill allows homeowners to deduct up to $10,000 in property taxes while the Senate proposal unveiled by GOP leaders last week eliminates the entire deduction. The deduction is particularly important to residents in states with high property values or tax rates, such as New Jersey, Illinois, California and New York. Rep. Kevin Brady, chairman of the House Ways and Means Committee, said that he worked with lawmakers in those states to ensure the House bill “delivers this relief” and that he was committed to ensuring it stays in the final package. “It’s important to make sure that people keep more of what they earn, even in these high-tax states,” Brady, R-Texas, said during an appearance on “Fox News Sunday.” Both the House and Senate bill would eliminate deductions for state and local income taxes and sales taxes paid. Sen. Chuck Schumer, D-N.Y., said in response to Brady’s pledge that Republicans should fully restore what is referred...Read more
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