Blue-state Republicans wary of GOP tax plan as House finalizes bill

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published 6 November 2017

As House Republicans finalize their tax reform plan this week, their colleagues in some blue states remain wary of the bill's elimination of certain deductions. Republicans have proposed offsetting the $2 trillion in cuts outlined in their bill by tweaking certain deductions, which would raise $1 trillion in revenue over 10 years, The New York Times reports.

Policies under the knife include the federal deduction for property taxes in New Jersey, the deduction for state and local income taxes, and the mortgage interest deduction. The GOP plan proposes capping the federal deduction for property taxes in the Garden State at $10,000 as well as restricting the mortgage interest deduction only loans up to $500,000, The New York Times explains.