Congress Plans To Pass Huge Tax Break for Wealthy Homeowners. (Benefiting mostly those in “blue” states)
The State and Local Tax (SALT) deduction cap limits the amount of local and state taxes people can deduct from their federal taxes. This impacts many wealthy people who live in places like New York and Connecticut where local taxes are high.
“This is serious money,” … “This was perhaps the biggest pay-for in the Tax Cuts and Jobs Act, and so if you repeal the SALT cap, the Tax Cuts and Jobs Act would result in even larger revenue losses and—sort of ironically, I think—even larger tax cuts to the very highest earners.”