Trump’s economic advisers are considering doubling the state and local tax deduction, a popular — but expensive — tax break that could deliver big savings to many residents of New York, New Jersey, and California.

wikipedia

Political Wire

New York

United States

Trump Considers Raising SALT Write-Off Limit to $20,000

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Bloomberg

Michael Bloomberg

The Vanguard Group

Howard Buffett

BlackRock

Trump Advisers Consider Raising SALT Write-Off Limit to $20,000

Some House Republicans are demanding an increase to SALT deduction in order to support an extension of President-elect Donald Trump's tax law next year.

NBC News

Roberts family

Republicans clash over 'SALT' deduction as they seek to extend Trump's tax law

“Trump’s economic advisers are considering doubling the state and local tax deduction, a popular — but expensive — tax break that could deliver big savings to many residents of New York, New Jersey, and California,” Bloomberg reports.

Goddard Media LLC

No decision has been made about whether to propose to apply the $20,000 limit to all taxpayers, or to just expand it for joint filers.

Fortune

Chatchaval Jiaravanon

Trump advisers consider raising SALT write-off limit to $20,000

Trump had promised a repeal of the $10,000 SALT cap. What would an increase in the property tax deduction mean for NJ residents?

North Jersey

New Jersey

Could Trump raise NJ property tax deduction to $20,000? SALT cap increase on table

Trump team considers SALT deduction increase

Investing.com

Trump team considers SALT deduction increase - Bloomberg By Investing.com

Key provisions of the Tax Cuts and Jobs Act will expire after next year if Congress does not act. One of these provisions imposed a $10,000 limit on the state and local tax (SALT) deduction. Many analysts and economists from across the political spectrum support extending or even tightening this provision. The typical left-wing argument is that the SALT deduction is regressive; the typical right-wing argument is that it incentivizes too much sta…

aei.org

SALT Is Not as Bad for You as the Experts Claim

The Tax Break at the Center of the Battle The $10,000 limit on state and local tax (SALT) deductions has been a contentious issue in the US tax code. Introduced in 2017 as part of the Tax Cuts and Jobs Act, the policy was designed to limit the amount of state and local taxes that could be deducted from federal taxable income. The limit was set at $10,000 per year, with some exceptions for property taxes in certain states.  The policy was intende…

Trump Considers Raising SALT Write-Off Limit to $20,000

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