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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 ...
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.
The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]
The vocal advocates for reforms to state and local tax (SALT) deductions ... Congress's SALT Caucus currently has over 30 members from both parties who represent high-tax states like California ...
Donald Trump has pledged to lift the controversial $10,000 cap on state and local tax deductions, also known as SALT, if he were reelected on Nov. 5. ... Connecticut and California. The $10,000 ...
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 ...
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.
Democrats and Republicans have dug in when it comes to the state and local tax (SALT) deduction and the upcoming budget reconciliation package.
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