The Latest: Rebellious GOP lawmakers win tax concession

Markets Associated Press

The Latest on the Republican tax-cutting plan (all times EDT):

Continue Reading Below

6 p.m.

House GOP lawmakers from high-tax states who threatened to sink the Republican tax plan have wrung a key concession from GOP leaders over the federal deduction for state and local taxes.

The head of the House tax-writing committee, Rep. Kevin Brady, says taxpayers will still be able to deduct local property taxes on their federal income tax returns. The Republican plan had called for eliminating taxpayers' ability to deduct state and local taxes. Its repeal could provide more than $1 trillion over 10 years to help pay for deep tax cuts.

Brady says, "we are restoring an itemized property-tax deduction to help taxpayers with local tax burdens."

The rebellious lawmakers, from states such as New York and New Jersey, insisted the elimination of the state-local deduction would hurt their constituents.

Continue Reading Below

___

11:15 a.m.

A powerful lobbying group in the housing industry has withdrawn its blessing for the Republican tax-cutting plan.

The building opposition to the sweeping tax overhaul plan comes as House Republicans work behind closed doors on proposed legislation for the plan that they'll unveil this Wednesday.

House Speaker Paul Ryan said he's been warning Republican lawmakers that opposition to the plan will only intensify as details are released. Speaking to local business leaders in Wisconsin after the homebuilders' action, Ryan accused special interests in Washington of trying to derail the tax plan by sowing "confusion and chaos."

.