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The benefits of SALT primarily go to higher income taxpayers, multiple tax experts and think tanks told Check Your Fact via email. One expert said that wealthy people in non-blue states also ...
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 ...
Capping state and local tax deductions sparked a tax migration that rewarded pro-growth states. ... told Bloomberg there is a consideration to increase the SALT write-off limit from $10,000 to ...
It limits to $10,000 how much taxpayers can deduct on federal returns for state and local property taxes. ... 2024 at 4:26 AM. ... SALT deduction: Tax relief or a tax break for the wealthy?
State taxes are generally treated as a deductible expense for federal tax computation, although the 2017 tax law imposed a $10,000 limit on the state and local tax ("SALT") deduction, which raised the effective tax rate on medium and high earners in high tax states. Prior to the SALT deduction limit, the average deduction exceeded $10,000 in ...
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“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.”
Sen. Bernie Sanders has signaled his willingness to adjust the SALT deduction cap. The National Taxpayers Union Executive Vice President Brandon Arnold joins Yahoo Finance Live to discuss.