On the new proposed tax reduction discussed today by president Trump, they said the only personal deductions would be home ownership and charitable deductions.
Does this mean we would no longer be able to claim losses in a casino? This could be bad news for players.
This joke of a proposal was one page double spaced. Dead on Arrival and not to be taken seriously. I wouldn't worry too much about it passing and since it's not revenue neutral it's subject to the usual Senate rules allowing filibusters. Worse than revenue neutral, it adds 2 trillion to the deficit.
I don’t see this happening - among other things, getting rid of mortgage interest and state tax deductions is going to hurt far more people than the new rates help.
They’re already reporting that it is pretty much dead in the water in whichever house of Congress it gets introduced.