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t. e. The United States federal state and local tax (SALT) deduction is an itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The SALT deduction intent is to avoid double taxation by allowing taxpayers to deduct state and local taxes from their federal income.
The vocal advocates for reforms to state and local tax (SALT) deductions have often been able to garner plenty of attention for their cause but have proven markedly less able to get their demands ...
A 2017 Trump-era tax bill raised costs for many of these filers in blue states by capping the SALT deduction at $10,000. The effort to reverse limits on the deduction has emerged as a significant ...
A salt tax refers to the direct taxation of salt, usually levied proportionately to the volume of salt purchased. The taxation of salt dates as far back as 300 BC, as salt has been a valuable good used for gifts and religious offerings since 6050 BC. The salt tax originated in China in 300 BC and became the main source of financing the Great ...
The deduction for state and local income tax, sales tax, and property taxes ("SALT deduction") will be capped at $10,000. This has more impact on taxpayers with more expensive property, generally those who live in higher-income areas, or people in states with higher rates for state tax.
Sen. Bernie Sanders has signaled his willingness to adjust the SALT deduction cap. The National Taxpayers Union Executive Vice President Brandon Arnold joins Yahoo Finance Live to discuss.
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