How would Democrats’ billionaires tax actually work?

How it would work: In Republicans’ tax bill in 2017, they put a limit on how much people can deduct state and local taxes from their federal taxes — $10,000. Democratic lawmakers from coastal states, particularly New Jersey, want to lift that limit for their constituents. But if Democrats lift that cap, they lose revenue — hundreds of billions of dollars, reports the New York Times — that can help pay for programs such as universal prekindergarten.