Preserve the Full Deductibility of State and Local Taxes

Russell Goldsmith’s writes “For the 141 million Americans who live and work in the nine states with the highest state and local taxes, the debate in the fiscal cliff negotiations whether to raise revenue for the federal government by raising tax rates versus limiting tax deductions is an important issue – especially regarding deductions for state and local taxes.

The way to generate more federal tax dollars should not be by limiting the deductibility of state and local taxes.