11 Million Taxpayers Losing $323 Billion In Deductions In Trump Tax Hit

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law. The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds. The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly all local taxes could be deducted for federal taxes; now it’s capped at $10,000, which...