NY, NJ homeowners facing major SALT deduction changes as blue state GOPers duke it over new cap
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NY, NJ homeowners facing major SALT deduction changes as blue state GOPers duke it over new cap
"Rep. Jeff Van Drew (R-NJ) has previously said roughly $30,000 per individual filer is "a good number" and "still reasonable.""
"Rockland County Rep. Mike Lawler has also floated a bill hoping for a $100,000 deduction for individuals and a $200,000 cap for married couples, which would also eliminate the so-called "marriage penalty" that previously set the same levels for individual and joint filers."
Republican lawmakers from blue states are in negotiations for a new state and local tax (SALT) deduction cap to be included in a multi-trillion dollar tax package. They aim for caps between $30,000 and $100,000, significantly higher than the current $10,000 limit established by Trump's 2017 tax reform. Various proposals are being discussed, with some representatives advocating for specific figures like $30,000, $60,000, or even $100,000, reflecting their constituents’ needs and aiming to provide relief to middle-class families.
Read at New York Post
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