Lawmakers Close to Deal on State and Local Tax Deduction

“House Republicans are moving closer to keeping some form of the state and local tax deduction, and President Donald Trump isn’t standing in the way, signaling a possible breakthrough in an early spat over tax reform. Several lawmakers who huddled with GOP leaders Thursday indicated that the talks were going well,” Politico reports.

Wall Street Journal: “The aim, lawmakers say, is to keep the break for middle-income households while repealing it for higher-income households. One idea is to cut off the deduction for households whose incomes exceed a certain level. The challenge will be finding agreement on where that dividing line should be.”