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Tag: SALT Deduction

Big Beautiful Bill raises SALT cap for high earners despite GOP resistance
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The Wall Street Journal, Approved, National

Big Beautiful Bill raises SALT cap for high earners despite GOP resistance

By Ashlea Ebeling | Wall Street Journal Business owners continue to get the biggest tax benefit The fight over deductions for state and local taxes almost sunk President Trump’s megabill, which is headed to his desk with a new $40,000 cap on the deductions, up from $10,000.  The megabill also lets some business owners continue to dodge the cap on deductions for state and local taxes, or SALT. The cap became a point of contention among Republicans, with House representatives from high-tax states such as New York and California arguing for a higher cap. GOP senators, who don’t represent the highest-tax states, had pushed for a lower limit.  The Senate set the $40,000 cap to expire after 2029 while the House would have made it permanent. What’s changing The...
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SALT Deduction Scam: Blue States Get the Break, Red States Get the Bill
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National, The Washington Times

SALT Deduction Scam: Blue States Get the Break, Red States Get the Bill

By Lindsey McPherson | The Washington Times Republicans putting together a sweeping tax and spending package are struggling to resolve an intraparty debate over the amount of state and local taxes taxpayers should be able to deduct from their federal tax liability. The debate over the deduction, known as SALT, is pitting House Republicans from Democrat-majority states against fiscal conservatives. Republicans must find a compromise to pass President Trump’s One Big Beautiful Bill Act. The SALT deduction is claimed by the roughly 10% of taxpayers who itemize. The 90% who claim the standard deduction do not benefit from the deduction. Taxpayers can currently deduct up to $10,000 of state and local taxes from their federal taxable income. Itemizers must choose between deducting...
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