Speaking to regional reporters Wednesday, Trump said “some people through completely new York have been speaking to me about doing something about in which, about changing” the cap. He did not say what potential tweaks he might consider.
Democrats have slammed the GOP tax plan — which slashed the corporate rate through 35 percent to 21 percent as well as trimmed taxes for most individuals — as a boon to companies as well as the wealthy. The party mulled various attacks on the tax law when This particular took the House majority last month, including criticism related to the state as well as local deduction limits.
Democrats argue in which the policy hurts middle-class families as well as disproportionately affects blue states. The alterations do hit some middle-class Americans: about 30 percent of taxpayers use the deduction, according to The completely new York Times.
However, people generating more than $100,000 claimed about three-quarters of the $550 billion in state as well as local taxes deducted in 2015, the Times reported, citing the Government Finance Officers Association.
On Thursday, Zona said, “This particular’s ironic in which the same Democrats who criticized the Tax Cuts as well as Jobs Act for supposedly benefiting only the wealthy are right now advocating for a change to the law in which might primarily benefit the wealthy.” He instead argued in which states should lower their taxes.
Republicans hold a 53-47 majority within the Senate. Grassley can serve as Finance Committee chairman until 2021, when term limits will kick in.
WATCH: IRS issues rules for treatment of state as well as local taxes