Congressman Ron Paul of Texas introduced a bill (HR 5860) that will add an “above-the-line deduction for State and local, and foreign, real property taxes.”
Currently, property taxes are deductible, but only if you itemize your deductions. For many Americans that makes the deduction unattainable. If passed the bill would allow for a “above the line” deduction that all property owners would be allowed to claim no matter what their itemized deductions look like.
Why is this important? Well, it could mean a $1000+ deduction for every property owner. Of course, the caveat is that people like Trump who have multi-million dollar homes would get it too. But enough of the rich getting richer diatribe. It will help you too!
Take a look at what you paid for property taxes in 2005. Chances are you’d jump to have a tax deduction that is that large. Currently, the bill is in the Ways and Means committee. That is of course the first step in becoming law, so there is a long haul in front of the bill. If you think it should progress, I suggest you contact the members of the Ways and Means committee and your State representatives and say so.
[tags]H.R. 5860, tax deduction, taxes, property tax, ways and means, congress, ron paul, texas[/tags]
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Sadly, I fear there is no way in the world this bill will be passed. Every Democrat will say no, and more than enough Republicans will join them. This is probably just an attempt at grabbing some votes on the part of Representative Paul.