The House voted Thursday to roll back part of the 2017 Tax Cuts and Jobs Act. The new bill would temporarily lift the $10,000 cap on the amount of state and local taxes Americans can deduct from their federal returns.
The repeal’s chances in the Republican-controlled Senate are slim to none, but the debate raises a question about the effect the law has had on one corner of the economy — real estate. Realtors say the high end of the market in high-tax states has slowed down as a result.
Click the audio player above to hear the full story.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.