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  2. State and local tax deduction - Wikipedia

    en.wikipedia.org/wiki/State_and_local_tax_deduction

    In 2016, the ten counties with the largest SALT deductions per filer (on average) were in New York, California, Connecticut and New Jersey. [12] These ten counties are in the New York metropolitan area and San Francisco Bay Area, which have high concentrations of wealth and expensive real estate. Since the deduction was capped at $10,000 in ...

  3. Congressional Budget and Impoundment Control Act of 1974

    en.wikipedia.org/wiki/Congressional_Budget_and...

    The provisions that were to expire including the $1000 per child tax credit, the 10% income tax bracket for low-income workers, and the deduction for state and local sales taxes paid. The expiration dates in those Acts were inserted in order to avoid Byrd Rule points of order.

  4. NY, NJ Republicans pushing for SALT deduction cap as high as ...

    www.aol.com/ny-nj-republicans-pushing-double...

    Republican lawmakers from high-tax New York and New Jersey are pushing to hike the state and local tax (SALT) deduction cap for their residents to as much as $100,000 as part of President-elect ...

  5. State income tax - Wikipedia

    en.wikipedia.org/wiki/State_income_tax

    Six of the states allow a full or partial deduction for federal income tax. [7] In addition, some states allow cities and/or counties to impose income taxes. For example, most Ohio cities and towns impose an income tax on individuals and corporations. [8] By contrast, in New York, only New York City and Yonkers impose a municipal income tax.

  6. Tax season 2025: Everything to know before you file, and how ...

    www.aol.com/finance/tax-season-2025-everything...

    Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023) Head of household. $21,900 (up $1,100 from 2023) Married filing jointly

  7. New York Republicans to urge Trump to lift state, local tax cap

    www.aol.com/york-republicans-urge-trump-lift...

    (The Center Square) — Republican members of New York's congressional delegation are set to meet with President-elect Donald Trump this weekend and push for an increase to the federal deduction ...

  8. Simon v. Commissioner - Wikipedia

    en.wikipedia.org/wiki/Simon_v._Commissioner

    The Tax Court determined that the Simons' deduction for the depreciated value of the violins was proper for the 1989 tax year under § 168 of the Tax Code.. The majority of the court agreed that the deduction should be allowed, pointing out that "taxpayers have long been allowed asset depreciation deductions in order to allow them to allocate their expense of using an income-producing asset to ...

  9. IRS sets higher standard deduction, new tax brackets for 2025

    www.aol.com/irs-sets-higher-standard-deduction...

    The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 − for single taxpayers and married people filing separately.. The standard deduction climbs to $30,000 − ...

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