Today in Taxes: Naming the Last of the Negotiators

  • Senate Republicans announced their conference committee members late Wednesday: Sens. Orrin Hatch of Utah, Mike Enzi of Wyoming, Lisa Murkowski of Alaska, John Cornyn of Texas, John Thune of South Dakota, Rob Portman of Ohio, Tim Scott of South Carolina and Pat Toomey of Pennsylvania. The Senate also moved to start negotiating with the House committee members to combine their two tax bills into one. The next question is who will represent Senate Democrats.
  • Since public schools are mostly funded by local property taxes and state aid, the GOP plan to cap property-tax deductions at $10,000 and give no break for state and local income or sales taxes has led to concerns about school funding.
  • Senate Majority Leader Mitch McConnell (R., Ky.) endorsed an idea being pursued by California Republicans to allow taxpayers to choose between deducting up to $10,000 in property taxes or state and local income taxes. “That sounds like a kind of reasonable idea,” Mr. McConnell said.