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Here are the tax breaks Trump's plan would eliminate

Trump's tax plan would eliminate deductions on everything from state taxes to gambling losses.

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Part of President Donald Trump's tax reform outline released on Wednesday would do away with itemized deductions on individuals' tax returns except for the mortgage and charitable giving deductions.

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Here's a rundown of the itemized deductions this plan would cut:

  • Deductible state and local taxes:
  • state and local taxes from their federal tax payments.
  • Gambling losses:
  • Interest expense:
  • Union and/or Club expenses:
  • helps you do your job," the membership fee can be deducted.

The Trump outline is not a finalized plan, and the White House said they could change the plan as they work with Congress, so it is not a guarantee if these deductions will ultimately be eliminated.

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