How does the salt deduction affect taxpayers in high-tax states?

Jun 2, 2021 ... South Carolina Gov. Henry McMaster signed Senate Bill 627, establishing the state as at least the thirteenth state to adopt a pass-through entity tax. First, by allowing taxpayers the ability to deduct state and local taxes (SALT), taxpayers avoid being taxed twice on the same income. Additionally, the ... 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. 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 ... Mar 22, 2024 ... What is the SALT deduction cap? The SALT deduction cap limits the itemized deduction for state and local taxes to $5,000 for a married person ... Mar 6, 2020 ... The SALT deduction reduces the cost of state and local government taxes to taxpayers because a portion of the taxes deducted is effectively paid ... 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 “ ... Jun 18, 2020 ... State Tax Strategies for Athletes and Entertainers: Residency and SALT Deduction Limitations. Jan 3, 2022 ... “The SALT deduction cap is nothing less than double taxation on New Yorkers,” Governor Hochul said. “Repealing the SALT cap would not only ... 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 ...