A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law. Formerly all local taxes could be deducted for federal taxes; now it’s capped at $10,000. The cap was imposed to help pay for huge tax cuts to corporations, whose taxes were slashed by 40 percent, from 35 percent to 21 percent.
