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The SALT income tax deduction cap was increased to $40,000 in Trump’s bill. Should you take it?
The measure is often referred to as the SALT income tax deduction. (SALT stands for “state and local taxes.”) It allows taxpayers to deduct from their taxable federal income the amount they pay in state and local taxes, thus lowering their federal tax liability.
The agreement in July ended eight years of wrangling by New York political leaders, from both parties, who argued that the $10,000 cap on so-called SALT deductions, established in the 2017 Jobs and ...
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$40,000 SALT in the Trump Tax Bill: Who really benefits? - MSN
The Trump tax bill raises the SALT deduction cap to $40,000 by 2025—but the real winners are high earners in high-tax states. Here’s what it means for you.
What the deduction does is all in the name. It allows taxpayers to deduct what they owe in state and local taxes from their federal income taxes. The OBBBA raises the cap on how much taxpayers can ...
One might expect that an increased State and Local Tax (SALT) deduction cap in the new tax bill would be front and center for ...
Increases the SALT cap to $40,000 in 2025, with 1% annual inflation indexing through 2029. The cap reverts to $10,000 in 2030.
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Rep. Blake Moore addresses Epstein files, immigration and Trump's tax bill during Utah visit
Congress is in the midst of its August break, and Rep. Blake Moore, R-Utah, who is in Utah for the break, answered reporters' ...
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