What are the long-term tax planning implications of the salt deduction limit?

Sep 6, 2024 ... Urge Congress to Allow SALT Cap Deduction to Expire. The $10,000 State and Local Tax (SALT) Deduction Cap is one of the provisions from the 2017 ... Oct 14, 2024 ... SALT stands for state and local taxes, and the SALT deduction is a tax deduction that allows taxpayers to deduct all or a portion of their state or local tax. Mar 24, 2025 ... Limiting the SALT deduction for corporations was originally raised by the House Freedom Caucus as a funding mechanism for an increase in the ... Feb 5, 2024 ... KEY VOTE: “No” on SALT Deduction Cap Increase (H.R. 7160) ... Heritage Action opposes the State and Local Tax (SALT) deduction cap increase (H.R. ... The SALT deduction reflects a partnership between the federal government and state and local governments. State and Local Tax (SALT) Deduction. The state and local tax (SALT) deduction permits taxpayers who itemize when filing federal taxes to deduct certain taxes ... Apr 3, 2025 ... The SALT deduction shifts some of the burden of state and local taxes from taxpayers to the federal government. By reducing the deduction's ... Feb 18, 2022 ... The SALT deduction does not act as a cost-of-living adjustment to federal income taxes, and it would still not be justified if it did. Expenses that are eligible for the itemized deductions include the SALT deduction (up to the $10,000 cap), tax deductible mortgage interest, charitable gifts, ... 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 ...