Can the deduction for casualty losses reduce a taxpayer's state and local tax liability?

Sep 18, 2024 ... The 2017 Tax Cuts and Jobs Act (TCJA) wisely capped the value of the SALT deduction at $10,000, which helped provide resources that were used to ... Apr 10, 2025 ... The SALT deduction allows taxpayers who itemize to deduct state and local taxes from their federal taxable income. · The deduction was capped at ... Dec 20, 2019 ... ... deduction (SALT). President Trump and Republican's 2017 tax bill cut the deduction, causing 87800 households to face property tax increases ... Aug 9, 2024 ... The 2017 Tax Cuts and Jobs Act (TCJA) imposed a $10,000 cap on SALT deductions, putting some of the most stringent limitations on the deduction ... Apr 3, 2025 ... The SALT deduction shifts some of the burden of state and local taxes from taxpayers to the federal government. By reducing the deduction's ... Nov 9, 2017 ... The deductions for all of the state and local taxes is worth about $100 billion in 2017, according to projections from the Joint Committee on Taxation. The state and local tax deduction (SALT deduction) is a United States federal itemized deduction that allows taxpayers to deduct certain taxes paid to state ... Feb 7, 2024 ... The SALT Marriage Penalty Elimination Act would reform the penalty in which married couples filing taxes jointly are limited to $10,000 in SALT ... 2 days ago ... After a week of meetings and discussions, Republicans still haven't settled on how to handle the state and local tax deduction, also known as “ ... Sep 14, 2021 ... Correa Statement on SALT deduction being excluded in reconciliation package. Washington, D.C. — Today, Congressman Lou Correa (D-CA) released ...