New York Gov. Andrew M. Cuomo (D) “has pushed through a plan to shield his state residents from tax hikes under the Republican tax law — and Democratic-controlled statehouses across the country are following suit,” the Washington Post reports.
“The two provisions — one creating a new ‘charitable’ fund to replace local property taxes, and the second a largely technical change in how taxes are assessed — aim to help taxpayers avoid a new $10,000 cap on the amount of state and local taxes they can deduct from their federal taxes. The cap was imposed by congressional Republicans to raise money to offset their law’s steep cut to the corporate tax rate, but critics say it was designed to hurt residents of liberal states.”
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