What are the potential future changes to the standard deduction?

May 7, 2020 ... We consider options that would limit all itemized deductions, not just the SALT deduction, and an additional option that would raise the four ... 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 ... 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 ... 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 ... 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. 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 ... Aug 25, 2021 ... The SALT deductions are limited by a new cap of. $10,000, effective 2018. The unique impact of the new SALT deduction cap on home prices is. Apr 7, 2025 ... Key takeaways · You can claim the SALT deduction only if you itemize. · The SALT deduction lets you deduct a variety of state and local taxes, ... 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 ... 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.