local income taxes Archives - GV Wire

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New IRS Rule on Deductions Hits Some High-Tax States Hard

By Associated PressIn AP News, California, News, U.S.Posted August 25, 2018

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CHERRY HILL, N.J. — New rules unveiled by the IRS undermine some states' attempts to help residents keep a version of a popular federal income tax deduction. Last year's Republican tax overhaul put a $10,000 cap on deductions for state and local income taxes, which could affect some high-earners in...