President Donald Trump (R) and Treasury Secretary Steven Mnuchin walk out of the Treasury building, April 21, 2017.
Eliminating it would generate tens of billions of dollars in revenue needed to offset the money lost from lowering tax rates on individuals and corporations. For the tax years 2016 through 2020, letting taxpayers off the hook for taxes paid to state and local governments will cost the Treasury nearly $370 billion, according to a report from the congressional Joint Committee on Taxation.
Proponents of the deduction have long argued that, without it, taxpayers would be hit twice for each dollar of income, by their state and by the U.S. Treasury. Opponents argue that…