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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 ...
Democratic Colorado Sen. Michael Bennet claims state and local tax (SALT) deduction benefits “the wealthiest people in these very blue states in the east and west coasts.” Verdict: True The ...
August 22, 2024 at 9:20 AM. ... limiting personal federal income tax deductions for state and local taxes, or SALT, at $10,000 a year. Critics say the cap has mostly impacted such higher-income ...
“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.”
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.
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 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.
Rep. Mike Lawler's bill to double the cap on the deductibility of state and local taxes to $20,000 will be voted on in the House. Lawler wins chance for SALT tax-relief bill to come for a vote ...