{"id":58829,"date":"2019-03-04T00:38:00","date_gmt":"2019-03-04T00:38:00","guid":{"rendered":"https:\/\/www.thefastfashion.com\/?p=58829"},"modified":"2019-03-04T00:38:00","modified_gmt":"2019-03-04T00:38:00","slug":"11-million-taxpayers-losing-323-billion-deductions-trump-tax-hit","status":"publish","type":"post","link":"https:\/\/www.thefastfashion.com\/?p=58829","title":{"rendered":"11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit"},"content":{"rendered":"

There\u2019s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump\u2019s tax law.<\/p>\n

The hard news comes after early filers were stunned by shrinking \u2014 to vanishing \u2014 tax refunds.<\/p>\n

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The deduction wallop detailed in the government report centers on capped deductions for state and local taxes \u2014 including real estate taxes. Formerly, all  local taxes could be deducted from federal taxes; now it\u2019s capped at $10,000, which particularly hurts homeowners in major metropolitan areas \u2014 especially in the Northeast and California \u2014 where housing tends to be more expensive. <\/p>\n

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.<\/p>\n

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts. <\/p>\n

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The figures were revealed in an audit conducted by the Treasury Inspector General for Tax Administration that examined Treasury Secretary Steven Mnuchin\u2019s efforts to block local governments\u2019 attempts to stop the federal government from taking an extra bite out of community residents.<\/p>\n

Several states \u2015 including New York and New Jersey \u2015 are challenging the deduction cap in court, claiming the new tax law is unconstitutional because of federal overreach and the harm to some states and their residents. <\/p>\n

Adv<\/em>.<\/strong><\/p>\r\n\r\n