•January 10, 2018•

By Jim Nowlan
NP Guest Columnist

First, a correction to a recent column about how “The Old South sticks it to Illinois.” Alert reader and CPA Jay Grimes of Bourbonnais (just north of Kankakee) reports that the final federal tax bill provides a $10,000 limit on deductions from our property taxes and individual income taxes paid.

I had written that the deduction limit applied only to property taxes, which I think was the case in an earlier draft. But I was wrong in print.

The effect of this apparent last-minute change is to ensure that most middle-income folks in Illinois will not pay any more federal income taxes as a result of this $10,000 limit. But wealthy folks, often the entrepreneurs and job-creators, will indeed pay more federal taxes. This will make Illinois and other Blue States a bit less attractive to the one percenters as a result.     Login or Subscribe to read the rest of this story.