Schumer: Democrats will try to overturn tax deduction cap

Senate Democrats are attempting to overturn a cap on state and local tax deductions

WASHINGTON -- Senate Democrats are attempting to repeal an IRS regulation that is designed to keep people from exceeding the $10,000 limit on state and local tax deductions.

Democrats will force a vote, scheduled for Wednesday, to overturn the regulation through the Congressional Review Act, Senate Minority Leader Chuck Schumer told The Associated Press on Tuesday.

The Democrats' measure would use what has been a rarely successful legislative tool to overturn a regulation. The Congressional Review Act gave Congress the ability to overturn recently issued federal rules with a simple majority of both chambers of Congress and approval of the president.

"I think we are very, very close," Schumer said.

"The devastation in New York is very, very bad," Schumer said, adding that it is also affecting "many Republican states."