Reported 18 days ago
Former President Donald Trump has expressed a desire to eliminate the $10,000 cap on state and local tax (SALT) deductions established by the 2017 tax law. This cap particularly impacted taxpayers in affluent states, and with significantly shifting political landscapes expected after the 2024 elections, there seems to be a feasible path toward its repeal. The outcome will depend heavily on the composition of Congress and the winner of the presidential election. Democrats, including Vice President Kamala Harris, have long sought to repeal the cap, which could trigger significant political battles in 2025 as various tax cuts also approach expiration.
Source: YAHOO