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Lawmakers Push for Higher SALT Deduction Cap amid Tax Reform

Lawmakers from high-tax states are pushing for a higher SALT deduction cap, aiming to double it for married couples. This bipartisan effort recognizes the financial burden of the current cap and reflects a commitment to tax relief and equity. The potential implications and debates surrounding this tax reform could reshape the fiscal responsibilities of taxpayers in high-tax states.

by Mark Eisenberg
Thu, Feb 15, 2024 2:40am
in Business
• 2 mins read
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Lawmakers Push for Higher SALT Deduction Cap amid Tax Reform | FinOracle

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Lawmakers Advocate for Higher SALT Deduction Cap Amid Tax Reform Debates

In a bold move that transcends party lines, lawmakers from high-tax states are spearheading a legislative push to amend the current cap on state and local tax (SALT) deductions. This initiative, aimed at providing tax relief, is particularly centered around doubling the deduction cap for married couples filing jointly, contingent on an adjusted gross income threshold.

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