Former President Donald Trump stated on Truth Social, "I will turn it around, get SALT back, lower your taxes and so much more," suggesting potential policy changes regarding state and local tax deductions.
The 2017 tax law capped state and local tax deductions at $10,000, significantly affecting higher-income earners in states like California, where tax burdens are considerably higher.
A study by the Institute on Taxation and Economic Policy found the monetary losses for California earners, estimating that those earning over $992,800 lost an average of $98,650 in tax breaks.
An analysis by the Tax Foundation detailed that the average state and local taxes paid by taxpayers in Sacramento County was $16,235, highlighting the substantial effect of the SALT cap.
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