For every tax bracket. It doubled the standard deduction for families, married couples, single couples, or, excuse me, single people. And it was a pro growth tax bill. The 10% that sucked for us as Californians and New Yorkers was to pay for some of those things, they put a cap in there that made it so that you can only deduct up to ten k, $10,000 a year on your federal tax return as a result of state taxes, local taxes, etcetera. Right? So if you own a home in a city like Santa Clarita, where the median home value is at least $600,000 and you have a job where your income … (24:08–24:29)
CLAIM
Asserts that the 2017 tax cut bill capped state and local tax deductions at $10,000, affecting Californians and New Yorkers.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
