The tax law that Donald Trump signed into law in late 2017 had its effects on his finances in the years that followed, restricting some tax benefits for him and opening up some tax planning opportunities, according to the former president’s tax returns.
Like many other taxpayers from high-tax states like New York, Mr. Trump was hit by the $10,000 limit on state and local tax deductions this was imposed by the broader tax bill he was campaigning for. For example, in 2018, while he was in the White House, he reported paying over $10 million in state and local taxes, but was only able to deduct the $10,000. The House Ways and Means Committee released six years of Mr Trump’s tax returns on Friday.
Source: Wall Street Journal
Source: Crypto News Deutsch