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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.
2don MSNOpinion
Federal taxpayers in fiscally responsible states were subsidizing the excesses of states that refused to rein in their own ...
MiBolsilloColombia on MSN2d
SALT deduction changes explained: Who really benefits from the $40,000 cap?A proposed $40,000 cap on the SALT deduction reignites debate over who benefits most, especially in high-tax states.
While a federal SALT cap is hotly debated, capping deductibility at $10,000 was an unambiguously good idea at the state level ...
Prior to the Tax Cuts and Jobs Act (“TCJA”), there was no direct limitation on an individual taxpayer’s deduction of his or ...
4don MSN
Increasing the $10,000 cap on the state and local tax deduction could benefit millions of tax filers.
KWQC on MSN2d
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 ...
A newly passed federal budget bill could cut billions from SNAP and Medicaid in New York while raising the SALT deduction cap ...
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