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 ...

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

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 ...

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

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.

Higher federal income tax offsets for state and local tax payments have morphed into a mostly upper-middle-class political perk, one unlikely to have any meaningful impact on state or local fiscal ...

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.

Casting the new law as stealing from the poor to give to the rich is a calculated distortion—one that omits that the act increases the child tax credit and standard deduction, and provides 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.

SALT for months has been one of the most contentious parts of the GOP’s bill full of Trump’s legislative priorities, with moderate House Republicans from high-tax blue states — including ...

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 ...