How does the salt deduction affect individuals who receive distributions from 529 plans?

Mar 13, 2019 ... This blog focuses on what the reduced deduction means for taxpayers, especially in high-tax states like California, New York and New Jersey. Jul 27, 2021 ... ... (NY-02) led a letter to Congressional leadership calling for the immediate repeal of the State and Local Tax (SALT) deduction cap. Sep 17, 2024 ... Trump signals he'd restore full SALT deduction, but Democrats are skeptical ... WASHINGTON – Donald Trump vowed Tuesday to “get SALT back” - an ... Feb 8, 2025 ... The SALT deduction prevents residents from being taxed twice on the same income while ensuring state and local officials have the resources to ... Sep 9, 2024 ... In 2017, the average SALT deduction taken in New Jersey was $19,000, nearly double the current cap, and $24,000 in Bergen County. The deduction ... Sep 4, 2020 ... The SALT deduction is a warped way to do social policy; at worst it is a politically-motivated handout to the richest people in the richest places. Feb 22, 2022 ... This will enable owners to take a full deduction of this state tax on their federal tax returns. ... SALT deduction will be limited to $10,000 ... Nov 2, 2021 ... ... SALT tax deduction as only helping “high-income households.” Sen. Bernie Sanders (D-VT) opposed efforts to restore the SALT tax shelter for ... Nov 26, 2024 ... A higher cap or a full repeal of the SALT cap would mostly benefit high-income earners, making either change a regressive policy. 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 ...