What was the impact of the salt deduction on different income groups historically?

Sep 26, 2024 ... The TCJA eliminated itemized deductions subject to the 2% adjusted gross income (AGI) floor, like unreimbursed employee expenses, brokerage and ... Jul 27, 2021 ... ... (NY-02) led a letter to Congressional leadership calling for the immediate repeal of the State and Local Tax (SALT) deduction cap. 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, ... Jan 30, 2025 ... The much-reduced SALT deduction would encourage wealthy taxpayers to move to states with low or no income taxes, such as Nevada, Texas and Florida. 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 ... Oct 19, 2017 ... The tax plan from President Trump and congressional Republican leaders would end the federal deduction for state and local taxes (SALT). 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 “ ... Jan 29, 2021 ... "The SALT deduction is critical for local governments, preventing additional strain on millions of middle-class families and helping cities ... 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 ... The SALT deduction reflects a partnership between the federal government and state and local governments.