(Worthy News) – Republican leaders are already signaling a compromise on plans to erase a nearly $2 trillion break for state and local taxes, backing down in the face of fierce criticism from Democrats and some blue-state Republicans whose constituents would suffer.
It marks the first retreat on the tax reform framework that Republican leaders released last week, but a compromise could quell the furor among party holdouts whose support will be critical to a final deal.
Known to tax professionals as the SALT deduction, the write-off for “state and local taxes” is a vestige of a century-old federal tax code. [ Source: Washington Times (Read More…) ]