The measure is often referred to as the SALT income tax deduction. (SALT stands for “state and local taxes.”) It allows ...

Rep. Mike Lawler came to Yorktown Friday, August 1, to take a victory lap on his advocacy for a raise in the cap on the ...

From 2026 through 2029, that cap will rise by 1 percent per year. For example, in 2026 the deduction will be worth $40,400. In 2030, the cap goes back to $10,000 ($5,000 if married filing separately).

The standard deduction — the primary way most taxpayers lower their taxable income — received a boost as part of the recent tax law updates. For 2025, single filers can claim a standard deduction of ...

TCJA capped the SALT deduction at $10,000 for married couples and $5,000 for individual filers, while the OBBBA raised the cap to $40,000 for married couples and $20,000 for those filing individually.

The One Big Beautiful Bill Act (OBBBA) proposes to increase the SALT deduction cap from $10,000 to $40,000. While this seems beneficial, it could inadvertently push more taxpayers into AMT liability.

The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can ...

The One Big Beautiful Bill Act's increase of the state and local tax (SALT) deduction cap creates an opportunity to use multiple non-grantor trusts to maximize deductions and enhance estate planning.

That 2017 law, the Tax Cuts and Jobs Act, limited the deduction to $10,000 a year, imposing a cap for the first time as a way of reducing the bill’s overall cost.

This year, an individual has a $40,000 maximum on SALT and a $15,750 standard deduction. A married couple filing jointly gets the same $40,000 maximum, but a $31,500 standard deduction.

The latest available reported average itemized SALT deduction was $8,100, down from $13,400 in 2017 before the cap; that suggests that roughly half of the SALT itemizers don’t pay more than ...

Andrew Keshner Home prices could creep up in high-tax areas as more buyers seek to benefit from the SALT deduction President Donald Trump's new tax law creates both winners and losers - and ...