Federal Tax Repeal Would Lose $71B In GDP, Study Says

Law360, New York (November 14, 2013, 6:10 PM EST) -- Congress' consideration of a 28 percent cap on the value of both state and local tax deductions and the earned interest exclusion for municipal bonds would cut more than 417,000 jobs and slash $71 billion in real GDP over the next 10 years, according to a study by Moody's Analytics.

The study, commissioned by the National Governors Association and The Council of State Governments, evaluated the effects of both capping the taxes at 28 percent and the complete repeal of the tax deduction and exclusion, finding...
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