Dismal Deduction

Taxes paid to state and local governments are currently deductible up to a maximum of $10,000/year. There is now talk of eliminating the cap. Why? 96% of the benefits of repeal would go to the top 20% of income earners, reducing their taxes by $2,640/year, 57% of benefits would benefit the top 1%, a tax cut of $33,100/year, and 25% would benefit the top 0.1%, a tax cut of $145,000/year!

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