Commentary From the moment of passage of the Tax Cuts and Jobs Act of 2017, Democrats from high tax states began to whine that the capping of the deduction for state and local taxes (SALT) at $10,000 was unfair and unwarranted. House Speaker Nancy Pelosi (D-Calif.) and Sen. Chuck Schumer (D-N.Y.) have been insistent that…
Hundreds of Billions of Dollars of New and Unlimited State and Local Tax Deductions for Wealthy Taxpayers Have Already Been Passed
Repealing Trump’s SALT Cap Deemed Unpopular as It Benefits Rich
WASHINGTON—A bipartisan group of lawmakers is pushing to eliminate the cap on federal tax deductions for state and local taxes (SALT) but many argue that such a move would massively favor the rich. For decades, the ability to deduct SALT has been an important tax break for taxpayers who itemize deductions on their federal income tax returns. The 2017 Tax Cuts and Jobs Act…
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