(Bloomberg) -- The cap on the federal deduction for state and local taxes would jump more than sevenfold under the latest Democratic tax-and-spending proposal heading to the House floor as soon as Thursday pending a committee review.
The limit would be $72,500 through 2031, compared with $10,000 currently, and the increase would be retroactive to the start of this year, according to the text of the measure posted on the House Rules Committee’s website Wednesday.
