The damage supposedly done by the SALT cap has been grossly misrepresented by New York politicians in both parties.
Former President Donald Trump , the Republican presidential nominee, holds a campaign rally at Dodge County Airport in Juneau, Wisconsin, on October 6, 2024., Republicans and Democrats agree on at least one policy priority: Removing the $10,000 cap on state and local tax deductions, or SALT, which then-President Donald Trump signed into law as part of the Tax Cuts and Jobs Act of 2017.
“Trump and House Republicans were the ones who capped SALT deductions — taking billions of dollars out of the pockets of hard-working families throughout our state,” Gov. Kathy HochulSpeaking of BS: Those cuts included rate reductions in middle-income tax brackets; a doubling of the standard deduction, which simplified tax filing by ending the need to itemize; and a doubling of the tax credit for kids under 17, now fully available to families with incomes as high as $400,000.
The SALT cap’s negative impact in New York was felt mainly by households earning $1 million or more, whose pre-2018 SALT deductions had averaged $534,000. Congressional Democrats and Republicans seem more likely merely to raise the SALT cap to deliver bigger cuts to “hard-working families” who figure prominently in their rhetoric — perhaps doubling it to $20,000, as called for in one proposal.
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