How does the current cap on the salt deduction compare to historical levels of state and local tax deductibility?

Jan 16, 2025 ... ... deduction, so the loss of SALT deductions significantly undercut any 199A benefit. For reasons unknown, the TCJA did not extend the SALT cap ... 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 ... 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. Jun 18, 2020 ... State Tax Strategies for Athletes and Entertainers: Residency and SALT Deduction Limitations. Sep 1, 2021 ... We can help. roundtable meeting. Make sure you understand how the SALT Deduction Cap will impact you. ... The Tax Cuts and Jobs Act of 2017 (“TCJA ... Feb 3, 2023 ... an itemized deduction on their federal income tax returns. The TCJA was passed in late 2017 and limited the SALT deduction to $10,000. The ... Sep 30, 2024 ... According to the Treasury Department, the SALT cap has prevented more than 11 million Americans from deducting over $300 billion in state and ... Nov 1, 2022 ... ... SALT deduction. New York, joined by Connecticut, Maryland, and New ... deductions (e.g., the $10,000 cap on SALT deductions). Generally ... 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 ... Jan 12, 2025 ... Rep. Nicole Malliotakis challenged Democrats to help House Republicans increase the state and local tax deduction as she blamed them for overtaxing New York ...