This summer Congress sweetened a key tax break for homeowners in high-cost of living areas with surging property tax bills. The $40,000 cap on state and local tax deductions is expected to benefit wealthy homeowners who itemize deductions when filing. Local policymakers say the change provides much needed relief as costs to maintain local infrastructure like schools, bridges and roads soar.
Chapters:
0:00 Introduction
1:41 Chapter 1: Greater New York
3:13 Chapter 2: Double taxation
5:42 Chapter 3: Economic impact
Reported by: Emily Wilkins
Produced, Shot and Edited by: Carlos Waters
Production Assistance: Macklin Fishman
Animation: Mallory Brangan
Senior Director of Video: Lindsey Jacobson
Additional footage: C-SPAN, Getty Images
Additional sources: Committee For A Responsible Federal Budget, Congressional Budget Office, Federal Highway Administration, Internal Revenue Service, Fidelity, Jackson Hewitt, Kiplinger, Rockland County Clerk, Treasury Department
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Why Million Dollar Homes Got A Tax Break
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