SALT Deduction Impact

News

Republicans reach deal on SALT deduction cap

Republicans’ deal on SALT deduction has changed again. How would it impact you?

Republican lawmakers in the House appeared to have reached a new agreement late Tuesday on the state and local tax deduction, commonly referred to as SALT, which had been one of the key sticking points in the passage of President Trump’s giant tax-and-spending bill.

KWQC on MSN · 21h

How change in tax deductions could impact Illinois

The version passed by the House increases that deduction limit to $40,000. The increase was a big point of contention for representatives from states with high taxes, like New Jersey and California.

USA Today · 2d

SALT deduction cap increased to $40,000 in new deal reached by Republicans. What to know

Republican lawmakers reached a deal today to raise the cap for the state and local tax deduction, known as the SALT deduction. Find out more.

SALT, tax deductions

SFGATE · 4d

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.

CNBC on MSN · 11d

House GOP tax bill calls for ‘SALT' deduction cap of $30,000 for most taxpayers. Here's who could benefit

The proposed House GOP tax bill raises ‘SALT’ deduction cap to $30,000 for most taxpayers. Here’s who would benefit the most, experts say.

Reuters on MSN · 1d

What you need to know about the SALT deduction in Trump's tax bill

By Lauren Young NEW YORK (Reuters) -Affluent earners who live in states with high property and income taxes may see some relief in President Donald Trump's tax plan. The Republican-led U.S. House of Representatives passed a bill on Thursday that would allow a deduction of up to $40,

MiBolsilloColombia on MSN12h

Who benefits from SALT changes? New data shows married couples gain the most

Recent SALT deduction changes mainly benefit married couples in high-tax states, raising questions about fairness and ...

2don MSN

Who benefits most from the state and local tax deduction and why raising the cap is contentious

Increasing the $10,000 cap on the state and local tax deduction could benefit millions of tax filers.

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 ...

12hon MSN

How California’s wealthiest people benefit most from the Republicans’ tax cut

California Republicans were pleased that lower- and middle-income residents will be able to deduct more of their state and ...

2don MSN

How Trump’s big bill could affect your taxes

President Trump’s bill to cut taxes and spending centers on an extension of his previous round of tax cuts, which Republicans ...

JD Supra4d

The State and Local Tax Deduction Is in Peril – The Cavalry Does Not Appear to Be on Its Way to Rescue It

Prior to the Tax Cuts and Jobs Act (“TCJA”), there was no direct limitation on an individual taxpayer’s deduction of his or ...

7don MSN

Californians could get bigger state, local tax deductions. Why that matters

Some congressional lawmakers are trying to lift Trump-era caps on state and local tax deductions as part of the new ...

JournalofAccountancy3d

Why the PTET SALT deduction is the AICPA’s ‘No. 1 priority’

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 ...

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