How might states respond to federal limitations on the salt deduction?

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. 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 ... Sep 18, 2024 ... “To NJ07, SALT means getting our full state and local tax deduction back. But to @suealtman and her radical allies, SALT stands for 'Sue Altman ... 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 ... Jan 29, 2021 ... ... (SALT) deduction starting in 2021. The proposal would allow taxpayers to fully deduct their state and local taxes on their federal income returns ... SALT Deduction. One of my most important priorities in Congress is to restore the full State and Local Tax (SALT) Deduction. As a proud Vice-Chair of the SALT ... First, by allowing taxpayers the ability to deduct state and local taxes (SALT), taxpayers avoid being taxed twice on the same income. Additionally, the ... Jul 8, 2022 ... For Virginia income taxes, the electing qualifying PTE and the PTE's owners are required to add-back their respective federal deductions for ... 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. Sep 20, 2024 ... House lawmakers are now strategizing how to maintain what could be an unlimited SALT tax deduction in the next Congress.