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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 ...
Multiple studies have found the benefits of a complete SALT restoration would almost exclusively go to the rich. According to the Tax Policy Center, 16% of tax filers with income between $20,000 ...
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 ]
Michael Farrand Bennet (born November 28, 1964) is an American attorney, businessman, and politician serving as the senior United States senator from Colorado, a seat he has held since 2009. A member of the Democratic Party , he was appointed to the seat when Senator Ken Salazar became Secretary of the Interior .
The Border Security, Economic Opportunity, and Immigration Modernization Act was created by a group of eight United States Senators: Four Republicans and four Democrats [15] - nicknamed the "Gang of Eight:" [15] Michael Bennet (D-CO), Dick Durbin (D-IL), Jeff Flake (R-AZ), Lindsey Graham (R-SC), John McCain (R-AZ), Bob Menendez (D-NJ), Marco ...
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 ...
The State and Local Tax (SALT) deduction, a long-standing feature of the U.S. tax code, was capped at $10,000 as part of the 2017 Tax Cuts and Jobs Act – a signature piece of legislation during ...