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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.
Republican lawmakers in the House appeared to have reached a new agreement late Tuesday on the state and local tax deduction, ...
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Increasing the $10,000 cap on the state and local tax deduction could benefit millions of tax filers.
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 ...
A newly passed federal budget bill could cut billions from SNAP and Medicaid in New York while raising the SALT deduction cap ...
The SALT deduction cap was introduced by Mr. Trump ... a University of Pennsylvania nonpartisan group that analyzes the fiscal impact of policy. That adds to the cost of a bill that has been ...
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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 ...
California Republicans were pleased that lower- and middle-income residents will be able to deduct more of their state and ...
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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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