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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 ...
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 ...
“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.
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The SALT deduction lets people reduce the amount of their annual income that can be taxed by the federal government by subtracting out how much they pay in state income taxes and local property taxes.
This tax applies to a "dividend equivalent amount," which is the corporation's effectively connected earnings and profits for the year, less investments the corporation makes in its U.S. assets (money and adjusted bases of property connected with the conduct of a U.S. trade or business). The tax is imposed even if there is no distribution.
In the up-and-down negotiations over the Democrat’s social spending package, the fate of the State and Local Tax (SALT) cap has been one of the hardest to pin down.