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Business

High-Income Business Owners Escape $10,000 Tax Deduction Cap Using Path Built by States, Trump Administration

Congressional Democrats are debating whether increasing the $10,000 cap on the state and local tax deduction would benefit the rich too much, but some of America’s top earners—including private-equity managers and law firm partners—are already legally circumventing the cap on much of their income. That is because state governments and the Trump administration blessed a […]

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