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Tax Overhaul Could Increase Refunds for Many

via FOX 9 Minneapolis-St. Paul
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A proposal to increase the cap on state and local tax deductions from $10,000 to $20,000 for married couples filing jointly is being considered for the 2023 tax year.

The current cap, implemented in 2017, has faced criticism for disproportionately affecting middle-class homeowners in high-tax regions.

“This is a pro-family tax measure that rights a wrong, and this ultimately is about fairness,” Rep. Mike Lawler said.

The bill, if passed, would require adjustments to already-submitted tax returns and is expected to cost about $11.7 billion for one year, with the majority of the benefit going to those earning over $200,000.

“While the bill would offer incremental relief, it would increase the budget deficit, create a new cliff in the tax code and mostly benefit higher earners, all without improving long-run economic growth,” senior policy analyst Garrett Watson said.

While it aims to provide relief, critics argue that it would primarily benefit higher earners and increase the budget deficit without improving long-term economic growth.

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