This summer Congress sweetened a key tax break for homeowners in high-cost of living areas with surging property tax bills. The $40,000 cap on state and local tax deductions is expected to benefit wealthy homeowners who itemize deductions when filing. Local policymakers say the change provides much needed relief as costs to maintain local infrastructure like schools, bridges and roads soar. Chapters: 0:00 Introduction 1:41 Chapter 1: Greater New York 3:13 Chapter 2: Double taxation 5:42 Chapter 3: Economic impact Reported by: Emily Wilkins Produced, Shot and Edited by: Carlos Waters Production Assistance: Macklin Fishman Animation: Mallory Brangan Senior Director of Video: Lindsey Jacobson Additional footage: C-SPAN, Getty Images Additional sources: Committee For A Responsible Federal Budget, Congressional Budget Office, Federal Highway Administration, Internal Revenue Service, Fidelity, Jackson Hewitt, Kiplinger, Rockland County Clerk, Treasury Department » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Watch CNBC on the go with CNBC+: https://www.cnbc.com/WatchCNBCPlus About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to stand out, grow your network, and get more job opportunities? Sign up for Smarter by CNBC Make It's new online course, How to Build a Standout Personal Brand: Online, In Person, and At Work. Sign up today: https://cnb.cx/4nUBgbA Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC Why Million Dollar Homes Got A Tax Break
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