Source: NPR
The House and Senate are working to reconcile their versions of a tax plan, but one thing is certain: Big changes are ahead for the nation’s schools and colleges…On average, nearly half of public schools’ funding (45 percent) comes from local taxes, often property taxes. In the past, when locals hiked these taxes to help pay for their schools, the federal government made the hike hurt less with that SALT deduction. So imagine, if Congress caps the property tax deduction, for high earners who already pay a lot — in places like New York, New Jersey, Connecticut, even Texas — a new hike would hurt more than it used to.