The chairman of the House's tax-writing committee is expressing confidence 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 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."
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['Poison pill amendment' (noun): An amendment to a legislative bill that considerably weakens the bill's intended effect, or ruins the bill's chances of passing.]
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1 comment:
The property tax on my personal residence is greater than $12,000 per year and the taxes on my 2nd and 3rd home total $7-8K per year. Do away with my deduction, lose my vote.
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