by: Essex Porter Updated:
President Donald Trump’s administration announced a tax plan today that eliminates many popular deductions, including the deduction for Washington state sales tax.
The Standard Deduction for a couple would double to $24,000.
But there would be no more deductions for property or sales taxes.
Asked if he thought he would come out ahead or behind, Tom Wolf responded “Behind, no faith, no trust. Yeah, none whatsoever,” she said.
“Mortgage interest and charitable deductions preserved. Everything else eliminated,” declared Treasury Secretary Steve Mnunchin.
Studies show the sales tax deduction alone saves the average Washingtonian $600.
Contractor Nathaniel Papadakis had mixed feelings, “I do itemize so the sales tax deduction helps me, but on the other hand, I guess in principal I agree with the idea that the federal government isn't really in the business of subsidizing state taxes.”
The president wants to lower everyone's tax rate by nearly 5 percent.
But the head of the Washington State Budget and Policy Center doubts average people in our state will come out ahead.
“It's certainly a benefit for the people at the very top but again, those tax cuts have come from somewhere and if we are growing the deficit, if we are cutting other programs that is really going to be a loss for the everyday Washingtonian,” said Misha Werschkul.
© 2017 Cox Media Group.
Trump plan eliminates Washington state sales tax deduction
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