3 Reasons Why Tax Reform Could Have Unintended Consequences

[Alex] Brill estimated that of all the money saved by local and state taxpayers with this deduction, 89 percent comes from those with incomes of $100,000 or higher. “In other words, the policy itself is highly regressive,” Brill told the Senate Finance Committee in prepared testimony Sept. 14. “It is available only to the minority of taxpayers who itemize their taxes (generally higher-income taxpayers) and is more valuable to taxpayers in higher tax brackets.””