Why Florida Could Become Even More Attractive If Tax Reform Passes

President Trump and congressional leaders are considering scrapping the ability to deduct state and local taxes from federal income taxes, according to a report in Politico.

If it happens, Florida could become even more attractive to taxpayers. There is no state income tax in Florida, and residents have already been moving from high-tax states like New York in droves.

Political leaders are considering the option as one of several that could help to pay for a tax cut.

Another option is capping the mortgage interest deduction for homeowners, which could make brokers unhappy.

Although there is broad consensus on what the options are, a deal is far from done, Politico reported.