How does the salt deduction apply to individuals who prepay their state and local taxes?

Mar 30, 2023 ... Essentially, this provides a workaround for the SALT deduction limitation by allowing the PTE to pay for and deduct SALT before income is passed ... Oct 1, 2024 ... The Tax Cuts and Jobs Act (TCJA), P.L. 115-97, limited itemizers' state and local tax (SALT) deductions to $10,000 for tax years 2018 ... 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. 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. Feb 8, 2025 ... We strongly urge you to include a full repeal of the State and Local Tax (SALT) deduction cap in any tax-related legislation brought to the ... Jan 5, 2022 ... I appreciate the work of Attorney General Tong and our Congressional delegation to restore the SALT deduction.” The lawsuit — which was ... 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. Jan 9, 2025 ... According to press reports, policymakers are considering changes to the $10,000 state and local tax (SALT) deduction cap as part of their ... 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 ... 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 ...