Kingdom Local Tax Deduction Long Gone But No Longer A ‘Red Line’

Our plan at this point does not allow for deductions of state and local taxes,” Cohn told Bloomberg News in a television interview.
There have been no red-line proclamations about the property tax deductions.
Cohn told CNBC in a Thursday interview that economic growth would more than offset the reductions in corporate and personal tax rates.
The White House has said the reduction in the corporate tax rate from 35 percent to 20 percent is a “red line,” meaning it is not open to negotiation.
Discussions over the tax exemption have indicated that one of the ways the Republican-backed plan would pay for itself is by eliminating the write-offs.

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