Republicans’ tax reform package hurts NY, NJ
On a positive note, the proposed bills offer a reduction of tax rates which will help most taxpayers. Both bills nearly double the standard deduction and relax limits on charitable deductions. Also quite favorable are increased caps on depreciation that will strongly encourage business investment.
Two key tax nuisances are targeted for elimination:the alternative minimum tax (AMT) and the Pease limitation, which proportionately reduces itemized expenses for higher earners.
Unfortunately, the news is not all good.
The bills eliminate personal exemptions and the deductibility of state and local income taxes. In the House proposal, property taxes will remain available as an itemized deduction but with a cap of
Both the
Rather noteworthy is the House bills elimination of medical expenses as an itemized deduction. This will be particularly hard on senior citizens who no longer would be able to claim as deductions any medical insurance premiums, co-pays, pharmaceutical costs or long-term care premiums.
If either bill passes in its current form, it may actually increase taxes for many individuals and families in
It is important to remember that there is quite a distance to travel before either of these proposals become law. The
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