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We finally got an answer on one of the House GOP tax plan's biggest questions

Source: businessinsider.com - Nov 9, 2017

House Ways and Means Chair Kevin Brady clarified the House Republican tax bill's position on pass-through entities and the state and local tax deduction in a letter to Democratic Rep. Earl Blumeanauer obtained by the Wall Street Journal.

According to the letter, owners of pass-through businesses who take the companies' profits as personal income are not allowed to deduct state and local taxes from their federal tax bill, as corporations can. Instead, they are limited to the same deductions as individuals.

"State and local income taxes paid by an individual owner of such a business would not be deductible on the individual’s tax return," Brady's letter.= said.

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Category: General Business