Trump’s economic advisers are considering doubling the state and local tax deduction, a popular—but expensive—tax break, Bloomberg reports.
Economist Stephen Moore, a member of President-elect Donald Trump’s economic advisory transition team, told Bloomberg on Thursday that the group has discussed expanding the tax write-off limit from $10,000 to $20,000.
Reviving the deduction was one of the promises Trump made during his campaign and particularly appeals to voters in states where the combination of high tax rates and expensive property values make the write-off popular.
Moore said the group is opposed to making the deduction unlimited—as some have advocated for—because that would amount to “the biggest tax cut for millionaires and billionaires ever.”
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