19 April 2021

Liberal Democrats push to repeal 'SALT' tax cap will only benefit wealthy

http://www.washingtontimes.com

ANALYSIS/OPINION:Former President Trump’s Tax Cuts & Jobs Acts put a $10,000 cap on how much a federal taxpayer could deduct for state and local taxes paid. The cap was set at $10,000, which enraged the governors of high-tax states because it meant that folks with huge state and local tax bills were limited in how much they could deduct. The cap didn’t have much impact on most taxpayers, but really hit the highest income residents of their states.Big state, big spending Democrats in Congress [...]