How do state and local sales tax rates vary?

Jan 17, 2018 ... Explain the new federal tax law's limit on the state and local tax (SALT) deduction. How does the limit impact Connecticut taxpayers and the ... 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. Jan 27, 2025 ... As an individual, your deduction for state and local taxes (SALT) (lines 5a, 5b and 5c on Schedule A of Form 1040) is limited to a combined ... 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 “ ... The State and Local Tax (SALT) Deduction is one of the original components of the 1913 tax law that created the federal income tax. This. Apr 12, 2019 ... Full deductibility of property taxes is a SALT workaround that benefits middle class taxpayers more (by percentage of lost SALT deductions ... 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 ... Mar 6, 2025 ... Be Wary of Pre-Emptive Tax Planning on Itemized Deductions & SALT · The $10,000 cap on state and local tax (SALT) itemized deductions is set to ... Oct 19, 2017 ... The tax plan from President Trump and congressional Republican leaders would end the federal deduction for state and local taxes (SALT). Expenses that are eligible for the itemized deductions include the SALT deduction (up to the $10,000 cap), tax deductible mortgage interest, charitable gifts, ...