House Democrats released a report Feb. 27 detailing the Treasury Department’s process to issue guidance to block state and local tax workarounds.
- The report, from the Treasury Inspector General for Tax Administration, is the full version of a redacted document released Feb. 26.
- The report found that nearly 10.9 million taxpayers will be affected by a change in the 2017 tax overhaul that limits the deduction for state and local taxes, or SALT, to $10,000.
- New York, New Jersey and California had considered state law changes that would create ways for taxpayers to mitigate SALT hit.
- “Treasury Secretary Mnuchin played ...