Found 1 blog entry tagged as Property Tax.

Is SALT Reform on the Way?

President-elect Donald Trump has directed House Republicans to negotiate an increase in the state and local tax (SALT) deduction cap, currently set at $10,000. The initiative aims to provide tax relief to residents in high-tax states like New York, California, and New Jersey. Trump's guidance followed a meeting with Republican lawmakers from these states, where he emphasized the need to determine a "fair number" for the deduction.

  • Background: The SALT deduction cap was established in the 2017 tax law, limiting deductions to $10,000. This cap has been contentious, particularly in high-tax states, as it effectively increased the tax burden on many residents.

  • Challenges Ahead: Modifying the…

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