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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]
Increased the standard deduction: The TCJA doubled the standard deduction amount. In 2024, the standard deduction for single filers is $14,600, but will increase to $15,000 next year.
The bill, sponsored by Rep. Michael Lawler, R-N.Y., would double the cap for the state and local tax deduction (also known as SALT), from $10,000 to $20,000 for married couples earning up to ...
WASHINGTON, DC - FEBRUARY 08: U.S. Representative Josh Gottheimer (D-NJ) speaks during a press conference about the SALT Caucus outside the United States Capitol on Wednesday February 08, 2023 in ...
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 ...
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.
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 ...
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 ...