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These High Tax States Could Benefit the Most From Higher SALT Deduction
Few states have more riding on the future of the SALT deduction than New York. With some of the highest property taxes in the country and a high-income tax rate layered on top, New York residents are disproportionately affected by the current $10,000 cap on state and local tax deductions.
What is the SALT cap, and how does it impact California taxpayers?
Breaking that out more, 20% of taxpayers in California’s 40th Congressional District — represented by Kim, it covers eastern Orange County and parts of Riverside and San Bernardino counties — claimed SALT deductions in 2017; only 7.5% did in 2022, according to data from the National Association of Realtors.
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Who benefits from SALT changes? New data shows married couples gain the mostRecent SALT deduction changes mainly benefit married couples in high-tax states, raising questions about fairness and ...
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How SALT deductions could impact IllinoisSALT currently lets people deduct $10,000 from their taxes if they itemize when they file. The version passed by the House ...
Some congressional lawmakers are trying to lift Trump-era caps on state and local tax deductions as part of the new ...
Prior to the Tax Cuts and Jobs Act (“TCJA”), there was no direct limitation on an individual taxpayer’s deduction of his or ...
President Trump’s bill to cut taxes and spending centers on an extension of his previous round of tax cuts, which Republicans ...
California Republicans were pleased that lower- and middle-income residents will be able to deduct more of their state and local taxes, or SALT. The deduction, now capped at $10,000, would rise to $40 ...
SALT allows taxpayers to deduct state and local taxes, including property tax, from their federal tax bill if they itemize ...
We have a call to action on the passthrough entity SALT deduction because it has a huge impact to our members and, of course, their clients, too. Then with regards to the IRS, that is something ...
The future of President Donald Trump's "Big Beautiful" federal spending bill could come down to SALT tax deductions.
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