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Former President Donald Trump vowed Tuesday to restore the state and local tax deduction that he previously clawed back during his first term in hopes of appealing to blue New York ahead of his ...
The State and Local Tax (SALT) deduction, a long-standing feature of the U.S. tax code, was capped at $10,000 as part of the 2017 Tax Cuts and Jobs Act – a signature piece of legislation during ...
A cap on the federal tax deduction for state and local taxes, known as SALT, was a controversial part of Trump's 2017 tax overhaul.
Trump and congressional Republicans included the so-called SALT cap, which limits a taxpayer’s state and local tax deduction to $10,000, in the Tax Cuts and Jobs Act as a way to pay for other ...
Former President Trump sounded an about-face Tuesday on the controversial tax policy known as the SALT deduction cap, breaking from a major provision in his signature piece of domestic policy.
The Tax Cuts and Jobs Act of 2017 signed into law by President Donald Trump put a $10,000 cap on the SALT deduction for the years 2018–2025. [5] The Tax Policy Center estimated in 2016 that fully eliminating the SALT deduction would increase federal revenue by nearly $1.3 trillion over 10 years. [6]
Before the 2017 TCJA, 91% of the benefit of the SALT deduction was claimed by people with income above $100,000 and concentrated in six states: California, New York, New Jersey, Illinois, Texas ...
Trump’s flip-flop on SALT brought ringing praise from Rep. Mike Lawler, R-Pearl River, and derision from former Rep. Mondaire Jones, D-Sleepy Hollow, who is seeking to oust Lawler in November.