SALT Cap Repeal Would Be $40 Billion Windfall For Millionaires

SALT Cap Repeal Would Be $40 Billion Windfall For Millionaires
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More than 1/2 of the benefit of repealing the $10,000 deduction cap for state and local taxes would go to millionaires, according to Congress’s nonpartisan tax scorekeeper.  Getting rid of the so-called SALT cap would lower the burden for households earning at least $1 million by $40.4 billion, or 52% of the $77.4 billion in additional tax breaks, according to numbers released Monday by the Joint Committee on Taxation.

Republicans in their 2017 overhaul capped the deduction as a way to pay for some of their $1.5 trillion cut for individuals and corporations. Officials in high-tax states, including New York, New Jersey and California, have said Republicans targeted Democratic-led states to pay for the cuts.

They also have said the cap hurts their residents and causes people to move to lower-tax locations. The title of Tuesday’s hearing is: “How Recent Limitation to the SALT Deduction Harm Communities, Schools, First Responders, and Housing Values".

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