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The state and local tax deduction (SALT deduction) is a United States federal itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The SALT deduction is intended to avoid double taxation by allowing taxpayers to deduct state and local taxes from their federal ...
The proposed increased limit on the SALT cap, or the maximum deduction that families can take for their payments of state and local taxes, could be in jeopardy as the Build Back Better bill stalls ...
The maximum SALT deduction currently available for those filing federal returns is $10,000 for individuals and married couples, a limit imposed by Trump’s 2017 Tax Cuts and Jobs Act.
“Repealing SALT would lower the effective tax rate on the state’s top earners by 37%,” he said back in 2021. “The state’s new, top 10.9% tax rate becomes an effective 6.9% tax rate.”
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 ...
But Democrats loathed the new limit on state and local tax deductions Republicans passed as part of the Tax Cuts and Jobs Act. The so-called SALT deduction used to have no limit, but the TCJA ...