The deduction helps reduce double taxation by providing a federal offset for taxes already paid to state and local governments. “In effect, by claiming the SALT deduction, the federal government ...
The SALT deduction cap rose from $10,000 to $40,000 starting in 2025 under the One Big Beautiful Bill Act (OBBBA). According to tax pros who spoke to GOBankingRates, this allows larger itemized ...
Did a big investment profit trigger a tax trap? John Nersesian breaks down the Section 199A QBI phaseout, the $40,400 SALT ...
On July 4, 2025, President Donald Trump signed the reconciliation bill, known as the “Big Beautiful Bill” (“BBB”), which covered many of his campaign promises. This reconciliation, centering upon ...
The deduction for state and local taxes is currently capped at $10,000, but the tax bill that just passed in the House would ...
In this episode of History Is Taxing, Robert Goulder and Joseph Thorndike of Tax Notes trace the origins of the state and local tax deduction from its early role in defining state sovereignty to the ...
Forbes contributors publish independent expert analyses and insights. Joseph J. Thorndike writes about tax history. The state and local tax deduction has been a part of the federal income tax from the ...
According to Ruth White, former IRS auditor co-founder of White Sands Tax Services, around 90% of taxpayers used the standard deduction in 2024. White expects that to change significantly for 2025 ...
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