Search results
Results from the WOW.Com Content Network
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]
A Tax Foundation spokesperson directed Check Your Fact to a map showing what counties would see the largest benefit from lifting the SALT cap. The most benefits are reaped by counties in the ...
But raising the cap on SALT deductions would ease pressure on blue states to simplify or lower their tax rates. Consider that California's top marginal rate is a whopping 13.3 percent.
U.S. lawmakers are considering changes to the $10,000 SALT deduction cap as part of their efforts to extend the expiring parts of the 2017 Tax Cuts and Jobs Act.
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 ...
Republicans have lined up squarely against the idea of touching the SALT cap at all. Rep. Kevin Brady (R., Texas), an architect of the 2017 Tax Cuts and Job Act, recently told Yahoo Finance, "it's ...
Most of the tax relief from lifting the SALT cap, for instance, would go to households earning between $200,000 and $500,000, according to a February report from the Tax Foundation, a center-right ...
For an individual making $100,000 in 2023 who paid $20,500 in state, local, property and other eligible taxes, eliminating the SALT cap could save them roughly $2,300 on their federal tax bill ...