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If you choose the sales tax deduction, then you can deduct your state and local general sales taxes, instead. You cannot choose both types of deductible taxes .
The Revenue Act of 1964 restricted the SALT deduction to state and local taxes on real property, personal property, income, general sales, and gasoline and other motor fuels. [17] Amid the 1970s energy crisis, Congress passed the Revenue Act of 1978, which eliminated the deduction for state and local taxes on gasoline and motor vehicle fuel.
State and local taxes: Taxpayers who itemize may deduct up to $10,000 in property, sales, or income taxes they have already paid to local or state governments.
Sales Tax Deduction: How to Claim and Save on Your 2025 Taxes. If you choose to itemize deductions, you'll have the option of deducting the state and local sales tax you paid, or you can choose to ...
The Texas state sales and use tax rate is 6.25% since 1990, but local taxing jurisdictions (cities, counties, transportation authorities, and special purpose districts - which includes "fire control" and "crime control" taxes levied by a city for those specific purposes only, but specifically not including school districts) may also impose ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
The total deduction for state and local taxes, including vehicle sales tax, is capped at $10,000 per year. What Documents Do You Need for Your Vehicle’s Sales Tax Deduction?
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 ...
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