Congress Moves to Temporarily Raise SALT Deduction Cap
Congress Moves to Temporarily Raise SALT Deduction Cap

Congress Moves to Temporarily Raise SALT Deduction Cap

News summary

Congress has advanced President Donald Trump’s 'One Big Beautiful Bill', which temporarily raises the SALT deduction cap from $10,000 to $40,000 for five years, primarily benefiting higher-income residents in high-tax states such as New York, New Jersey, California, and Massachusetts. The increased cap begins to phase out for taxpayers earning over $500,000, with both the cap and the phase-out threshold rising by 1% annually until reverting to $10,000 in 2030. The Senate has passed the bill, with House approval expected by July 4 to meet Trump’s deadline. Supporters say the measure will deliver substantial tax relief, while critics argue it disproportionately benefits wealthy households and may hurt low-income residents due to projected cuts in Medicaid and SNAP. Several states, including Georgia and Kansas, have also enacted their own income tax cuts, impacting the broader 2025 tax landscape. Analysts have expressed concern that the legislation could significantly increase federal deficits.

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4
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1
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0
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1
Unrated
2
Last Updated
11 hours ago
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50% Right
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