What is the difference between deducting state and local taxes as an itemized deduction versus a business expense?

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 ... 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 ... Sep 17, 2024 ... Trump signals he'd restore full SALT deduction, but Democrats are skeptical ... WASHINGTON – Donald Trump vowed Tuesday to “get SALT back” - an ... Apr 11, 2023 ... How to Calculate the SALT Deduction · Property Taxes: Sum the total property taxes paid on real estate (individually owned properties only, not ... Feb 8, 2025 ... We strongly urge you to include a full repeal of the State and Local Tax (SALT) deduction cap in any tax-related legislation brought to the ... Nov 4, 2024 ... The SALT Deduction Fight Is Coming Back—Whoever Wins the Election · Lawmakers in states including California and New York chafe at the $10,000 ... 2 days ago ... After a week of meetings and discussions, Republicans still haven't settled on how to handle the state and local tax deduction, also known as “ ... 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. 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 ... Mar 12, 2025 ... Enacted via the Tax Cuts and Jobs Act, or TCJA, of 2017, there's currently a $10,000 limit on the federal deduction on state and local taxes, ...