Ryan Tax Proposal Could Hurt His Constituents in Upscale Enclave
- Speaker’s congressional district shows tax politics are local
- Eliminating deduction would save $1.3 trillion over decade
GOP Strategist Conant Says Tax Plan Not 'Fully Baked' Yet
House Speaker Paul Ryan’s efforts to kill a deduction as part of a Republican tax overhaul would hit very close to home -- among his constituents with homes on glistening Geneva Lake in his southeastern Wisconsin district.
On the shores of the 5,400-acre lake, once a hideout for Chicago mobster George "Bugs" Moran, multimillion-dollar homes have replaced many of the quaint cottages that once dotted the area. Annual property tax bills on waterfront properties along North Lake Shore Drive range from about $21,000 to $71,000, local real estate records show. For most homeowners in the heavily Republican area, however, those costs are eased by their ability to write off state and local taxes on federal returns.