ANALYSIS: $7.5B IN FED DEDUCTIONS VANISHING UNDER TAX REFORM
By Michael P. Norton
STATE HOUSE NEWS SERVICE
JAN. 11, 2018.....Public policy debates often pivot on the value and impact of tax cuts and reductions, and the uncapped deduction for state and local taxes wiped off the books by the federal government in late December is a doozy in Massachusetts.
According to a new report from the Massachusetts Taxpayers Foundation, Bay State residents in 2015 were able to deduct from their gross income $19 billion in state and local taxes under the tax structure in place before Congress and President Donald Trump last month capped those deductions at $10,000 per year.
That means that about $7.5 billion in federal deductions taken by Massachusetts residents will no longer be available, according to a foundation analysis shared at the News Service's request. The analysis shows about a third of taxpayers will be affected, with the largest impacts felt among the wealthiest.
Already a subscriber? Login to continue reading...
Get the Rest of the Story!
State House News Service subscribers include media outlets, corporations, non-profits and law offices of every size. You may request a free 21-day trial of the News Service for your company by submitting the form below.
If you are already a subscriber and need access to SHNS, please send an email to firstname.lastname@example.org or call 617-722-2439.
Note to political campaigns: We do not accept trial requests from campaigns from June 24 through Election Day. However, we would be happy to start a pre-paid subscription for your campaign (except for constitutional offices) at a deeply-discounted rate of $21/week, paid through the election. Simply email Virginia Cummings to set up this subscription; she'll send you further instructions.