What is the SALT cap? What to know about Trump's proposed tax deduction change

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What is the SALT cap? What to know about Trump's proposed tax deduction change

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President-elect Donald Trump is reportedly open to raising the SALT cap, a provision of the tax code that overwhelmingly disadvantages wealthy households in blue states. Prior to the Tax Cuts and Jobs Act, a law signed by Trump in 2017, the SALT deduction allowed taxpayers who itemized their deductions to subtract what they paid in state and local (SALT) taxes from their federal taxes. There was no limit to how much you could deduct before 2017, which meant rich individuals in high-tax states that provide more government services could reduce their federally taxable income by tens of thousands of dollars.
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