Movement in Pennsylvania to slash school property taxes and Congress’ bid to cut federal taxes could pack a nasty one-two punch to some taxpayers.
Both seem sure to produce winners and losers according to tax analysts. Some income taxpayers in Pennsylvania could even lose twice, in a sort of double-whammy, if Pennsylvania shifts a bigger school funding burden to income taxes and Congress eliminates the federal deduction for state taxes.
Each effort took a big step last week. Pennsylvania voters approved a referendum to allow the Legislature to exclude up to the full value of residents’ homes that they own from property taxes. It replaces what had been a 50 percent cap, the latest step in a yearslong quest by some to eliminate school property taxes paid by homeowners.
Source: Local News