A Tax Deduction That A Democrat Loves

Oct 19, 2017

Senator Schumer of New York is working to keep state and local tax deductions in the pending tax reform legislation. Although Senator Schumer is a supporter of higher taxes on the rich, he’s not as enthusiastic when he might have to pay higher taxes. The senator wrote off $58,000 in state and local taxes in 2016. Schumer has a vested interest in making sure he gets to continue his lucrative tax deduction. “Eliminating state and local deductibility is a blow to the wallet of millions of middle-class tax payers across the country.” Estimates are that the government would collect an additional $1.3 trillion over ten years if the deductions go away. According to Senator Schumer, the Republican tax plan “gives huge tax cuts to the wealthiest and the biggest corporations, and socks it to the middle-class.” Schumer has promised to opposed “any bill that tries to deal with the state and local deduction.”