Is your favorite $8,262 tax break really going away?

Lawmakers in Congress have made two separate proposals toward tax reform, with the House of Representatives having released its version in early November and the Senate having followed suit shortly thereafter. The provisions of the two proposals aren’t identical, but one thing that they share is the elimination of certain key deductions that individual taxpayers have taken for years. One of the most important of those endangered provisions is the deductibility of state and local income or sales taxes, and the potential loss of those deductions has millions of taxpayers upset, especially in states that have particularly high tax burdens. Here, you’ll learn exactly how much people benefit from these deductions and what their loss could mean for typical American taxpayers.

What current tax law allows

Why taxpayers are upset about losing the state and local tax deduction

Why the tax plan eliminates the state and local tax deduction

Watch your taxes

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