SALT Deduction Cap Update

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SALT DEDUCTION, State and Local Tax

Here are the changes to the SALT tax deduction in the 'big, beautiful bill'

Baked into House Republicans’ sweeping tax package is an increase to the federal deduction for state and local taxes, a change that top earners will likely benefit the most from. Republicans in the lower chamber advanced their version of President Donald Trump’s "big,

NBC News on MSN · 9d

House Republican tax bill passes 'SALT' deduction cap of $40,000. Here's who would benefit.

If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phase out over $500,000.

APP.com on MSN · 9d

What is the SALT deduction, and what's happening with this tax break?

The State and Local Tax (SALT) deduction is a rule that helps people lower the amount of federal taxes they owe. It lets you deduct the state and local taxes you’ve already paid, like income tax, property tax, or sales tax, when you file your federal taxes.

9don MSN

Here's who could benefit from the proposed $40,000 SALT deduction cap

The budget bill passed by the House includes a provision to quadruple the state and local tax deduction, a boon for some ...

Journal Star on MSN10d

SALT deduction cap increased to $40,000 in new deal reached by Republicans. What to know

Republican lawmakers reached a deal today to raise the cap for the state and local tax deduction, known as the SALT deduction ...

10d

Republicans weigh a $40K cap on SALT deduction, which would help NJ homeowners

The current cap is $10,000 for the state and local property tax deduction. A previous proposal would raise it to $30,000 ...

Next test for higher SALT cap: Republican resistance in the Senate

Senate Majority Leader John Thune has argued that the ability to write off state and local taxes only benefits homeowners in ...

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Trump reverses position on SALT deduction cap

President Trump shifted his stance on the state and local tax (SALT) deduction cap, a policy he implemented during his first term in office. Despite signing the $10,000 SALT cap into law in ...

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