A proposal by some Republicans aims to raise the SALT deduction cap from $10,000 to $30,000 as part of the GOP tax and spending bill. This change would notably benefit affluent residents in high-tax states like New York and California, allowing them to lower their federal tax obligations. Representatives from the SALT caucus emphasize that enabling taxpayers to deduct more aligns with Republican values of fiscal conservatism and supporting hardworking Americans. The region-specific tax implications make the SALT cap a contentious issue in ongoing fiscal discussions.
A small group of Republicans is fighting to raise or abolish the $10,000 cap on the amount of state and local taxes you can deduct from your federal return.
"It is a Republican principle to allow hardworking taxpayers to keep more of their hard-earned money," Rep. Nicole Malliotakis said.
Whether or not you care about SALT depends on how much you pay in state and local taxes; Americans in higher-tax states would benefit from deducting more.
High rates of tax collections are mainly due to the need to maintain federal property, with Washington, DC, at the top of the list.
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