What's Going On With the SALT Deduction?

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What's Going On With the SALT Deduction?

//business-finance.news-articles.net/content/202 .. /16/what-s-going-on-with-the-salt-deduction.html

Published in Business and Finance on Sunday, February 16th 2025 at 10:20 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

There is currently a $10,000 cap on SALT deductions. Filers can deduct on Schedule A any combination of state and local property taxes, and income or sales taxes, up to a $10,000 limit. Married couples who file separate returns can each deduct up to $5,

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The article from MSN discusses the ongoing debate over the State and Local Tax (SALT) deduction, which was capped at $10,000 by the Tax Cuts and Jobs Act of 2017. This cap has been a point of contention, particularly in high-tax states like New York, New Jersey, and California, where residents feel disproportionately burdened. Efforts to repeal or modify this cap have been met with resistance due to concerns about the cost to the federal government and the potential benefits to wealthier taxpayers. Recently, there's been a push in Congress to revisit the SALT deduction, with some lawmakers proposing to increase the cap or make it more flexible. However, these proposals face challenges in gaining bipartisan support, as Democrats and Republicans have differing views on tax policy and fiscal responsibility. The article highlights the political and economic implications of altering the SALT deduction, including its impact on state and local government revenues and the broader tax landscape.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/taxes/what-s-going-on-with-the-salt-deduction/ar-AA1z9xJF ]