On December 22, 2017, President Trump signed a
massive tax cut and reform bill crafted by Republicans without the help
of one Democrat vote.
One of the bill’s more controversial
measures was the limitation of the state and local tax (SALT) deduction
to $10,000 through 2026. According to the CPA Journal,
taxpayers in California, New York, New Jersey, Illinois, Massachusetts,
Connecticut, and the District of Columbia lose the most by the
limitation of the SALT deduction. That said, most taxpayers will see
their federal taxes reduced, even in high-tax states.
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