Replies to post #275751 on Tornado Alley (PROG)

[BullNBear52]

The Republicans thought of everything.

In a pre-emptive move against accounting maneuvers in high-tax states such as New York and California, the bill prohibits taxpayers from prepaying next year’s state and local income taxes, in order to deduct them from 2017 taxes. That form of tax planning would have allowed taxpayers to benefit more from the full state and local deduction this year before it is capped next year.

https://www.nytimes.com/2017/12/15/us/politics/republican-tax-bill.html