Search results
Results From The WOW.Com Content Network
Democratic Colorado Sen. Michael Bennet claims state and local tax (SALT) deduction benefits “the wealthiest people in these very blue states in the east and west coasts.” ... 2024 at 11:07 AM ...
Congress's SALT Caucus currently has over 30 members from both parties who represent high-tax states like California, New York, New Jersey, Illinois, and Maryland. Their goal is to restore the ...
Members from higher-tax blue states like New York and California for years have pushed to remove or raise the SALT deduction cap, which was implemented as part of the 2017 Trump tax cuts.
In 2017, only taxpayers in New York, Massachusetts, Connecticut, and New Jersey (the states with the first, second, third, and ninth highest GDP per capita) on average sent more than $1,000 each to the federal government above what the state received per capita. [14] Capping the SALT deduction tends to increase this balance of payments deficit.
SALT includes income taxes, of course, but also property taxes, so the new cap hit taxpayers in high-tax states like New York, New Jersey, and California particularly hard.
One draft proposal floats $120 billion to lift the cap on state tax deductions for incomes up to about $400,000. But no decisions have been made. Democrats consider 'SALT' relief for state and ...
“The state’s new, top 10.9% tax rate becomes an effective 6.9% tax rate.” New York Republicans in Congress have long pushed for rolling back the SALT cap, as have many Empire State and ...
New Jersey’s average SALT deduction in 2019 was just over $18,000, and most of those filing a claim earned between $100,000 and $200,000 a year, according to a National Association of Realtors ...