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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 You Need to Know About the SALT Deduction in Trump's Tax Bill
The Republican-led U.S. House of Representatives passed a bill on Thursday that would allow a deduction of up to $40,000 on federal returns for state and local taxes, known as SALT. A previous version of the bill had a cap of $30,000.
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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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Federal taxpayers in fiscally responsible states were subsidizing the excesses of states that refused to rein in their own ...
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Increasing the $10,000 cap on the state and local tax deduction could benefit millions of tax filers. But a proposal to do just that has become a point of contention and a possible roadblock to House ...
Prior to the Tax Cuts and Jobs Act (“TCJA”), there was no direct limitation on an individual taxpayer’s deduction of his or ...
While a federal SALT cap is hotly debated, capping deductibility at $10,000 was an unambiguously good idea at the state level ...
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How change in tax deductions could impact IllinoisThe version passed by the House increases that deduction limit to $40,000. The increase was a big point of contention for ...
Some congressional lawmakers are trying to lift Trump-era caps on state and local tax deductions as part of the new ...
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