New GOP Tax Bill Would Eliminate Deduction for Personal Losses from Wildfires

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California lawmakers are upset because the new GOP tax bill would eliminate the deduction for personal losses from wildfires. If the proposed bill becomes law, the deduction would disappear next year. The “Los Angeles Times” says, however, the deduction will still be available to victims of last month’s wildfires in Northern California, as long as homeowners can figure out their uninsured losses and include them on their 2017 tax return. Democratic Congressman Mike Thompson called the move cruel and heartless, and said the state of California won’t be able to assess all the costs of the wildfires and figure out where people stand in time for taxes.