Now, the SALT deduction has been around a lot longer than you may think. The first federal income tax, way back in 1861 when Abraham Lincoln was president, had only one deduction. And yes, it was the SALT deduction. That deduction returned when the income tax returned in 1894. A...
to repeal the SALT deduction cap? It won't be cheap, according to the the Committee for a Responsible Federal Budget, a think tank that focuses on budget and policy issues. Eliminating the $10,000 deduction limit "would increase the cost of extending the 2017 Tax Cuts and Jobs Act (...
which held that the gross amount of dividends received from foreign affiliates outside its water’s-edge group should be included in its sales factor denominator, regardless of the application of a dividends-received deduction excluding 75% of such dividends from its taxable base. ...
The current SALT deduction limit is set to expire at the end of 2025. And the looming expiration has created a lively political debate about its future. On one hand, proponents of the cap tout its ability to increase federal revenue while mostly sparing the lowest-income taxpayers. After all...