Reported 1 day ago
Trump's economic advisers are considering raising the state and local tax (SALT) deduction limit from $10,000 to $20,000, which could provide significant savings for residents in high-tax states like New York, New Jersey, and California. This move follows Trump's earlier campaign promise to revive the SALT deduction, although his previous 2017 reform had limited it. Any potential changes would require congressional approval, and while some lawmakers are advocating for an increased limit, GOP opposition exists due to fiscal concerns.
Source: YAHOO