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The SALT income tax deduction cap was increased to $40,000 in Trump’s bill. Should you take it?
The measure is often referred to as the SALT income tax deduction. (SALT stands for “state and local taxes.”) It allows taxpayers to deduct from their taxable federal income the amount they pay in state and local taxes, thus lowering their federal tax liability.
Congress passed a giant tax bill that includes the Senate's SALT changes that allow rich Americans in high-tax states to save money, experts say.
On July 4, 2025, President Donald Trump signed the reconciliation bill, known as the “Big Beautiful Bill” (“BBB”), which ...
For the next five years, there will be a much more generous state and local tax deduction available to federal income tax filers, thanks to the recently enacted mega tax-and-spending-cuts law.
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To claim your SALT deduction, itemizing might be the only wayRecent changes to the SALT deduction mean itemizing may be your best option. Learn how to make the most of your tax benefits.
Higher federal income tax offsets for state and local tax payments have morphed into a mostly upper-middle-class political ...
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Income tax vs. sales tax: Which saves you more under SALT?Changes under the OBBBA make choosing between income or sales tax deductions more important than ever for maximizing your ...
New York homeowners are set to gain from a major SALT deduction overhaul, with the cap rising from $10,000 to $40,000. The ...
What the deduction does is all in the name. It allows taxpayers to deduct what they owe in state and local taxes from their federal income taxes. The OBBBA raises the cap on how much taxpayers can ...
House lawmakers on Thursday morning passed changes for the federal deduction for state and local taxes, known as SALT, as part of President Donald Trump ’s tax package. Enacted via the Tax ...
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