What are the rules and limitations on deducting foreign taxes?

The 2017 Tax Cuts and Jobs Act (TCJA) wisely capped the value of the SALT deduction at $10,000, which helped provide resources that were used to reduce tax ... Feb 13, 2024 ... The SALT deduction typically includes state and local income taxes, property taxes and sales taxes for taxpayers who itemize their return versus ... Dec 10, 2022 ... Consistent with the SALT deduction limitation negatively affecting counties' expected future ability to raise more real estate tax revenues, we ... The $10,000 U.S. cap on deductions for state and local taxes (SALT) is, understandably, on the minds of many taxpayers in high-tax states, especially with ... Nov 26, 2024 ... Starting with the 2018 tax year, the maximum SALT deduction became $10,000. There was previously no limit. This has left some high-income filers ... Jan 3, 2022 ... "The SALT deduction cap is nothing less than double taxation on New Yorkers," Governor Hochul said. "Repealing the SALT cap would not only ... 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 latest version of the Build Back Better Act would raise the SALT deduction cap from. $10,000 to $80,000 through 2030. ○ “Raising the state and local tax ... 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. Jun 2, 2021 ... South Carolina Gov. Henry McMaster signed Senate Bill 627, establishing the state as at least the thirteenth state to adopt a pass-through entity tax.