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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 ...
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]
Repealing the SALT cap would overwhelmingly benefit high-income Americans, said Brendan Duke, senior director of economic policy at The Center for American Progress, in an email to Check Your Fact.
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The child tax credit under the Tax Cuts and Jobs Act of 2017. Top plateau would be higher for more children. Under the Tax Cuts and Jobs Act of 2017 (TCJA), for the years 2018–2025 (excluding 2021, see below section Temporary Expansion in 2021) the CTC allows taxpayers to reduce their federal tax liabilities by $2,000 per qualifying child (see Eligibility).
An increase in the SALT deduction limit from $10,000 (expiring in 2026) to $80,000 (expiring in 2030) Universal preschool for all three and four-year-olds; Child-care cost cap of 7% of income for parents earning up to 250% of a state's median income (including faith-based child-care that complies with ideological requirements)
Former President Donald Trump enacted the cap in 2017, limiting personal federal income tax deductions for state and local taxes at $10,000 a year. Sen. Schumer vows to let cap on SALT tax ...
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