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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]
The SALT deduction enables taxpayers to deduct their state and local taxes from the adjusted gross income on their federal income taxes. Trump, 78, previously signed the Tax Cuts and Jobs Act of ...
As president, Trump signed a sweeping tax law in 2017 which set the SALT cap at $10,000, a move that critics say targeted Democratic-leaning states with high property taxes, including New Jersey ...
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 ...
The state and local tax, or SALT, deduction allows taxpayers who itemize when filing federal taxes to deduct certain taxes paid t Trump appears open to boosting SALT cap to help blue states Skip ...
Signed into law on January 1, 2018 by President Donald Trump, the Tax Cuts and Jobs Act ... Capped state and local tax (SALT) deductions: SALT deductions are capped at $10,000 until January 1, 2026.
Trump and congressional Republicans included the so-called SALT cap, which limits a taxpayer’s state and local tax deduction to $10,000, in the Tax Cuts and Jobs Act as a way to pay for other ...
As president the first time around, Trump signed a sweeping tax law in 2017 that limited SALT deductions to $10,000, a move that critics say targeted Democratic-leaning states with high state ...