All About SALT, the Tax Deduction That Divides the U.S.

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Primarily these with comparatively excessive incomes — the ten% to fifteen% of filers who itemize their federal tax returns moderately than take a regular deduction. Had been the $10,000 cap to be lifted, greater than half of the advantages would circulation to households making $1 million or extra yearly, in keeping with the nonpartisan Joint Committee on Taxation. The Tax Basis, in 2018, listed New York, New Jersey, Connecticut, California and Maryland because the states the place the SALT deduction issues most. All are historically “blue” states, which means they vote Democratic. On the backside of the checklist had been North Dakota, South Dakota and Wyoming, three Republican “crimson” states.

https://www.washingtonpost.com/enterprise/all-about-salt-the-tax-deduction-that-divides-the-us/2021/08/09/90db4a02-f947-11eb-911c-524bc8b68f17_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business | All About SALT, the Tax Deduction That Divides the U.S.

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