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State and local tax deduction ‘not a red line’ in tax-reform package, Cohn says


White House National Economic Council Director Gary Cohn on Friday said there could be some flexibility in how lawmakers treat the deduction people can take on state and local taxes paid, amid complaints from some Republicans on Capitol Hill that axing the provision could end up raising taxes on their constituents.

“That is not a red line,” Mr. Cohn said on Bloomberg TV.

He said the administration’s “red lines” are the proposed 20 percent corporate tax rate, down from 35 percent, and the proposed 25 percent rate for “pass-through” businesses, down from a top rate of 43.4 percent.

He also said there has to be a tax cut for “hard-working, middle-income Americans.” – READ MORE

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