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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]
The maximum SALT deduction currently available for those filing federal returns is $10,000 for individuals and married couples, a limit imposed by Trump’s 2017 Tax Cuts and Jobs Act.
The controversial Project 2025 proposal calls for eliminating the SALT deduction entirely. That means New Jersey homeowners would not be able to receive any sort of deduction on federal income ...
As a result, some provisions of the 2017 tax reform package, such as the SALT cap are set to expire at the end of 2025, which could reduce federal revenue by $139 billion, per the nonpartisan ...
Donald Trump has pledged to lift the controversial $10,000 cap on state and local tax deductions, also known as SALT, if he were reelected on Nov. 5. ... the deduction limit. ... 2025 proposal ...
New Jersey’s average tax bill last year was nearly $10,000, and in some parts of the state, such as Bergen County, the tax bill is more than double the deduction limit.. Demarest, for example ...
That’s because the Trump-era Tax Cuts and Jobs Act from 2017 is set to expire at the end of 2025. ... Letting a $10,000 cap on State and Local Tax (SALT) deductions expire;
The cap is slated to expire at the end of 2025. House debated SALT before killing bill. ... which would have only impacted the SALT deduction cap for the 2023 tax year, was an election year stunt ...