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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]
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.” ... the SALT cap ...
Republican lawmakers from high-tax New York and New Jersey are pushing to hike the state and local tax (SALT) deduction cap for their residents to as much as $100,000 as part of President-elect ...
While it did lower marginal income tax rates across the board, reducing the top rate from 39.6 percent to 37 percent, it also capped the deduction for state and local taxes (SALT) at $10,000 annually.
Most of the tax relief from lifting the SALT cap, for instance, would go to households earning between $200,000 and $500,000, according to a February report from the Tax Foundation, a center-right ...
Trump, 78, also said he supported the Republican pols’ effort to raise a cap on the amount of state and local taxes New Yorkers can deduct from their federal taxes known as the SALT cap, the ...
For an individual making $100,000 in 2023 who paid $20,500 in state, local, property and other eligible taxes, eliminating the SALT cap could save them roughly $2,300 on their federal tax bill ...
During the recently completed presidential campaign, Donald Trump promised to lift the controversial $10,000 cap on state and local property tax deductions, known as SALT, if he regained the White ...