“What Trump and Congress did at that point was dramatically increase the standard deduction but decrease the amount you could deduct for state and local taxes,” said Marc Pfeiffer, a senior policy fellow at Rutgers University’s Bloustein School of Planning and Public Policy, who studies local government in New Jersey.
Topic
state and local tax deductions
NJ, NY lawmakers slam Senate tax bill and its strict SALT deduction cap
“What Trump and Congress did at that point was dramatically increase the standard deduction but decreased the amount you could deduct for state and local taxes,” said Marc Pfeiffer, a senior policy fellow at Rutgers University’s Bloustein School of Planning and Public Policy, who studies local government in New Jersey.
House SALT proposal would raise cap on deduction to $30K, but some Republicans balk
The Republican tax plan in the U.S. House would raise the cap for the state and local property tax deduction from the current $10,000 to $30,000 for families making up to $400,000. That’s according to legislation released May 12 by the Republican-led House Ways and...
In NJ, Trump economic ally pushes idea of raising SALT deduction to $20K or higher
With negotiations fast tracked over a Republican plan to pass a $4.5 trillion tax cut, a top economic official in President Donald Trump’s orbit — former economic adviser Stephen Moore — doubled down Thursday on doubling or even tripling the current $10,000 cap...