States Should Move Quickly to Chart Their Own Course on SALT Deductions

States Should Move Quickly to Chart Their Own Course on SALT Deductions

The recently enacted federal tax and spending megabill imperils states’ ability to pay for education, health care, and other public services in many ways, including by quadrupling the federal government’s cap on state and local tax (SALT) deductions. States in recent years have used this cap to constrain a lucrative state tax break that mostly benefits the wealthy, but if states now continue to follow the federal lead it will cost them revenue t…

Marc Gerson Comments on Temporary Expanded SALT Deduction Cap in Fortune | Miller & Chevalier

News khospital3 Fri, 07/18/2025 - 12:04 Featured On Publication Name Fortune Include Disclaimer Off News Type News Subtitle "High Income Taxpayers in California and New York Set for a SALT Windfall in 2026" Date 07.16.2025 Description Marc Gerson, former majority tax counsel for the House Committee on Ways and Means, commented on the temporary nature of the expanded state and local tax (SALT) deduction cap. The legislation raises the SALT…