Tag Archives: tax cuts real estate

Californians call your congressional representative – House tax plan would hurt Cali homeowners

A big issue is that California has the highest state income tax rate in the nation but among the lowest property tax rates. The bill dramatically scales back a deduction for state and local taxes, limiting the deduction to just property taxes and capping it at $10,000. About a third of California taxpayers took the deduction in 2015.

The GOP tax plan unveiled Thursday would be a blow to many California taxpayers. That’s not a deal breaker for California’s Republicans, who so far seem optimistic the bill is the best deal for their constituents.

Even as some Republicans from states that would also lose out under the plan threatened to vote no, Californians’ reactions ranged from merely skeptical to enthusiastic.

read more at: http://www.sandiegouniontribune.com/news/us-politics/la-pol-ca-tax-cuts-reaction-20171103-story.html

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