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Trump, 78, previously signed the Tax Cuts and Jobs Act of 2017, which capped SALT at $10,000, disproportionately affecting blue states with higher taxes, like the Empire State.
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 ...
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 ...
As part of the 2017 tax law, which many analysts consider Trump’s signature economic achievement while in office, the deduction was capped at $10,000 per federal income tax return. Previously ...
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.
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 says he would uncap the state and local tax deduction, a ...
Democrats and Republicans alike panned Trump’s proposal to bring back a controversial deduction for state and local taxes.