The California Impact of a Hard Cap on Federal Tax Deductions
Over the past few months, we have been discussing the potential impact of the “fiscal cliff” on businesses and taxpayers.
As the end of the year nears without any agreement, Congress is debating changes to the tax code, such as no longer allowing the mortgage interest deduction that will disproportionately impact California and other high tax states.
In a recent article in the Los Angeles Times, Michael Hiltzik discusses these new developments:
Proposed Cap on Federal Tax Deductions Would Hit California Hard
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