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For example, if Congress were to repeal the SALT cap, more than half of the dollar value of the tax cut would accrue to the top one percent,” Michel wrote. “Before the TCJA capped the ...
The center estimates a full repeal of the SALT cap would lead to almost 70% of the money going to tax filers with incomes above $500,000.
Numerous efforts to repeal the SALT cap have faltered over the years. More recently when Democrats had a narrow majority in Congress, the proposal was a non-starter with Republicans as well as Sen ...
Numerous efforts to repeal the Trump SALT cap have faltered over the years. More recently, when Democrats had a narrow majority in Congress, the proposal was a non-starter with Republicans as well ...
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]
In the up-and-down negotiations over the Democrat’s social spending package, the fate of the State and Local Tax (SALT) cap has been one of the hardest to pin down.
Donald Trump sought to appeal to New York voters wanting to repeal the cap on SALT deductions, ... Remember – the SALT cap was one of the key parts of Donald Trump’s own tax cap. Congressional ...
New York Gov. Kathy Hochul (D) has repeatedly called for a “full repeal” of the SALT cap, but Malliotakis dismissed that as the governor trying to curry favor with donors.