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VOL. 43 | NO. 42 | Friday, October 18, 2019

Schumer: Democrats will try to overturn tax deduction cap

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WASHINGTON (AP) — Senate Democrats are attempting to repeal an IRS regulation that is designed to keep people from exceeding the $10,000 limit on state and local tax deductions.

Senate Minority Leader Chuck Schumer on Tuesday said Democrats will force a vote to overturn the regulation through the Congressional Review Act. He says the vote will be Wednesday.

The vote takes aim at an IRS rule from June that prohibits states from creating charitable funds that taxpayers can contribute to in exchange for a state tax credit. The workaround gave residents in some states a way to get around the limit on so-called SALT deductions.

The 2017 GOP tax overhaul limited the amount of state and local taxes that taxpayers can write off.

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