McDermott Will & Schulte, a global law firm

Stephen Kranz, addressing possible federal elimination of the state & local tax deduction, said, “I’m just not convinced that the politics on this deduction are as simple as red versus blue states given there are taxpayers in every state who itemize for a variety of reasons.” Diann Smith suggested that the final result “will shake out based on whether, on balance, the rate reductions offset any lack of deductions for the state and local tax. Part of the challenge will be the messaging beforehand regarding what the net effect will be.”