Education Secretary Betsy DeVos is riding to the rescue of a private-school tax break that was ensnared in a bitter fight between the Treasury Department and Democratic states that sought to circumvent caps on state and local deductions under the Trump tax overhaul. DeVos and two Republican lawmakers are pushing a plan to pump $10 billion in federal tax credits into private school scholarship funds — a longstanding GOP priority. These programs that were accidentally hit as Treasury proposed to block Democratic states from creating their own charitable funds to circumvent a cap on tax breaks for state and local tax deductions, known as SALT. President Donald Trump’s tax law limited SALT deductions at $10,000, a pittance for New York, New Jersey and California, high-tax states that also happen to be Democratic bastions. These states quickly established funds for charitable purposes and passed laws to create tax credits for donations to those funds, which mimicked ones used for years in red states as a way to raise money for private schools. Several high-tax states created programs that would allow their residents to circumvent the deduction cap by creating charitable funds for a variety of programs where donors can get a… Read full this story
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