Chairman: House won't agree to nix property tax deduction

Property taxes

Brady's comments come as differences between the House and Senate proposals showed the hard road to passage of a tax bill.

Among the biggest differences: The House bill allows homeowners to deduct up to $10,000 in property taxes.

The news comes as Senate Republicans begin their markup of their plan Monday afternoon and House Republicans plan to bring their bill to the floor for a vote later this week.

Asked on "Fox News Sunday" if House Republicans would reject a bid by Senate Republicans to do away with the deduction entirely, Brady said: "That's what I'm saying". That provision will nearly certainly meet resistance from Republican House members in high-tax states such as New York, New Jersey and California. Neither the House nor Senate bill repeals the individual mandate despite the fact some conservatives on Capitol Hill, such as Sen.

"We are high net worth individuals, many in the top 1%, who care deeply about our nation and its people, and we write with a simple request: Do not cut our taxes", says the letter crafted by the advocacy group Responsible Wealth.

Sanders' cautionary tale had laid out how any tax cut should be expected to benefit the wealthy the most because affluent people pay the most taxes.

Both seem sure to produce winners and losers, tax analysts say.

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King said he can't vote for the bill right now and bemoaned the justification of taking deductions away from "high-tax" states such as NY.

On personal income taxes, neither the House measure nor the Senate measure is written to favor the highest earners.

Scrapping Obamacare's so-called individual mandate would save the government $338 billion over 10 years, the Congressional Budget Office estimated this month, giving the GOP more room to chop rates.

"This tax proposal would reduce private investment in affordable housing, worsen our regional housing crisis and set up massive future budget cuts", said Rachel Heller, CEO of the Citizens Housing and Planning Association in MA in a statement. "If someone's getting a tax cut, I'm not upset that they're getting a tax cut", Gary Cohn, the head of Trump's National Economic Council, said in an interview with CNBC last week.

Republican Representative Peter King has fiercely opposed the elimination of the SALT deduction, saying many in his home state of NY earning $300,000 a year were hardworking, two-income families facing a very high cost of living.

In his opening statement before negotiations on November 6, Neal called the plan a "bad deal for millions of Americans", before suggesting the plan be scrapped and Republicans and Democrats work on a new proposal. King said on Fox's "Sunday Morning Futures".



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