Progressives reflexively denounce tax cuts and spending cuts as "giveaways to the wealthy" or "stealing from the poor." ...

President Donald Trump's "big beautiful bill" added a "SALT torpedo" for higher earners that could incur a 45.5% tax rate.

The SALT deduction allows taxpayers who itemize their federal returns to deduct certain taxes paid to state and local governments. The 2017 Tax Cuts and Jobs Act, signed by Trump during his first term ...

The House-passed version of the legislation quadruples the cap to $40,000 and only limits deductions for households making more than $500,000 per year.

Middle-income seniors gain most as the SALT cap quadruples, offering rare relief in one of the nation's costliest states.

A higher cap on the deduction for state and local taxes is one element of Trump’s Big Beautiful Bill that Gov. JB Pritzker ...

A new $40K SALT cap could deliver long-awaited tax relief to homeowners in high-cost states like NJ, NY, and CA by cutting their tax burden.

These changes may offer substantial income and estate tax planning opportunities, especially for taxpayers who reside in a high income-tax state, such as New Jersey. Advisers should review these ...

They argue that SALT deductions primarily benefit high-income earners in blue states and subsidize spending by state and local governments led by Democrats. So, the $40,000 cap surviving the ...

But the GOP leaders who implemented the cap in 2017 saw it not only as a revenue raiser, but also as a way to discourage state governments from taxing the rich — while keeping the largest tax ...

For taxpayers with MAGI exceeding $500,000, the new SALT cap phases down by 30% of the amount over the threshold, though it never drops below the original $10,000 limit.