Tag Archives: salt tax cap

The SALT Cap Deduction Repeal, Explained

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The SALT Deduction, or State and Local Tax Deduction, allows people to write off their local taxes from their income in federal taxes. The SALT Deduction is currently capped at $10,000, so if you’re paying more than that in local taxes, you won’t be able to remove that from your reported income. More than 20 Democrats have made repealing that deduction a line in the sand in the coming tax negotiations. Here’s exactly what’s happening.