Our current tax code permits a deduction for real estate taxes - also known as a property tax. In 2017, the Trump administration passed a $1.9 trillion tax reduction bill, 86% of which benefitted corporations and the wealthy. This legislation capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. Advocates say this adversely affected homeowners in high cost-of-living areas where property taxes are much higher than other geographical regions.
Proposed legislation: Reintroduction of H.R.613 - SALT Deductibility Act (117th Congress 2021-2022)
Prospective Sponsor: Rep. Thomas Suozzi (NY)
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