When wage withholdings go down, paychecks go up. You’d think that development would get more attention than it has thus far.
This article from the AP that appeared on Tucson News Now had me nodding in agreement until the writer referred to the “significant limitations [in the new tax law] on long-cherished deductions, such as the federal deduction for state income, property and sales taxes.” I don’t think I have ever heard of any federal tax deduction, and certainly not one that probably benefits mostly higher-income taxpayers, as ”long-cherished.”
The mortgage interest deduction could be called “cherished,” maybe (and they did reduce that one for people with new mortgages of over $750,000), but the deduction for state and local taxes is “cherished?” Really?
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