State and local tax deduction

The United States federal state and local tax (SALT) deduction is an itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The SALT deduction intent is to avoid double taxation by allowing taxpayers to deduct state and local taxes from their federal income. Eligible taxes include state and local income taxes and property taxes. The deduction disproportionately benefits wealthy and upper-middle class taxpayers living in areas with comparatively high state and property taxes. Quotes Donald Trump did it again, totally reversing himself, claiming that he will reverse the cap on state and local deductions. But Donald Trump must be suffering from selective amnesia, because he was the one who took away people’s SALT deductions in the first place. Chuck Schumer, according to Schumer calls out Trump for ‘selective amnesia’ on SALT (september 18, 2024) External links Category:Tax