There is a contentious debate in Washington regarding a new bill that includes a proposal to increase the State and Local Tax (SALT) deduction cap, which currently stands at $10,000. This limit, established by the 2017 Tax Cuts and Jobs Act, is set to expire. House Republicans from high-tax states such as New York and California argue that the current cap unjustly burdens their constituents, and they are demanding an increase to $30,000 or complete elimination. The situation remains critical as some lawmakers express that even the proposed increase may not adequately address the tax burden faced by many homeowners, particularly in high-property tax areas.
In New York, nearly half of homeowners face property tax bills exceeding $10,000, showcasing the urgent need for reform in the SALT cap deduction.
House Republicans from high-tax states are threatening to derail current tax packages unless the SALT cap is reconsidered, highlighting its crucial political significance.
Collection
[
|
...
]