Wealthy homeowners are only now realizing that the Republican tax cuts championed by President Donald Trump have actually increased their tax burden, Bloomberg reported Thursday.
“The Tax Cut and Jobs Act promised to, well, cut taxes. For many, it does,” Bloomberg explained. “But a new limit on the amount of state and local levies that can be deducted has costly and confounding implications for some, especially in high-income-tax, high-property-tax places like the New York City area.”
The new law could cost 11 million taxpayers a cumulative $323 billion, the U.S. Treasury Inspector General for Tax Administration estimated in February.
“People with more money and thus more complicated tax returns tend to file later in the season, meaning that the triggering has just begun,” Bloomberg noted.
Read the full report.