What are the potential political implications of the salt deduction?

Jan 11, 2022 ... Personal income tax itemized deduction for state and local taxes. (SALT). • Only taxpayers that itemize deductions may claim SALT deduction. Sep 30, 2024 ... According to the Treasury Department, the SALT cap has prevented more than 11 million Americans from deducting over $300 billion in state and ... Mar 1, 2023 ... The SALT deduction allows taxpayers to deduct state and local taxes paid from their federally taxable income, however the 2017 Tax Cuts and Jobs ... Feb 7, 2024 ... The SALT Marriage Penalty Elimination Act would reform the penalty in which married couples filing taxes jointly are limited to $10,000 in SALT ... Feb 12, 2025 ... $15,000/$30,000 SALT Cap: The current SALT deduction cap would be increased to $15,000 for individual taxpayers and $30,000 for married couples, ... Jun 18, 2020 ... State Tax Strategies for Athletes and Entertainers: Residency and SALT Deduction Limitations. Mar 7, 2023 ... The law is effective retroactive to January 1, 2022, meaning that companies may take advantage of this law for the 2022 tax year. Entities must ... Apr 12, 2019 ... Full deductibility of property taxes is a SALT workaround that benefits middle class taxpayers more (by percentage of lost SALT deductions ... Jan 27, 2025 ... As an individual, your deduction for state and local taxes (SALT) (lines 5a, 5b and 5c on Schedule A of Form 1040) is limited to a combined ... Oct 5, 2024 ... I often see many progressives in support of the SALT Deduction, despite the fact that it is effectively just a major handout to rich people.