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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]
Because any change to the SALT cap benefits only taxpayers who itemize their deductions and pay more than $10,000 in state and local income or sales and property taxes, letting the cap expire ...
As a result, some provisions of the 2017 tax reform package, such as the SALT cap are set to expire at the end of 2025, which could reduce federal revenue by $139 billion, per the nonpartisan ...
That provision is slated to expire at the end of 2025. ... and capped the amount taxpayers could claim for the state and local tax (SALT) deduction at $10,000. The SALT deduction lets taxpayers ...
A salt tax refers to the direct taxation of salt, usually levied proportionately to the volume of salt purchased. The taxation of salt dates as far back as 300 BC, as ...
The controversial cap on state and local tax deductions is slated to sunset at the end of next year, ... limiting personal federal income tax deductions for state and local taxes, or SALT, at ...
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 ...
During President Trump's first term, he overhauled the tax code with his 2017 Tax Cuts and Jobs Act (TCJA). Many of those provisions are set to expire at the end of 2025. Read Next: 7 Tax Loopholes...