Local taxes in NYC and San Francisco counties are the 6 highest in the country. Nowhere else even comes close.
President Donald Trump's Tax Cuts and Jobs Act capped the SALT deduction at $10,000, and Democrats' $3.5 trillion reconciliation bill includes an expansion of that cap to help those in areas like NYC and San Francisco who pay the most on local taxes. According to the report, residents of the ten counties with the highest SALT deduction got $2,600 on average, compared to $404 in the US overall.
The report said that removing the cap would primarily benefit high earners given that most people who can claim the tax break make over $500,000, but as Insider previously , Speaker of the House Nancy Pelosi called the cap"mean-spirited" and"politically targeted," arguing that the policy was designed to hurt the wealthy in blue states, where taxes tend to be higher.abolishing the cap would be"a giveaway to the rich."
House Ways and Means Committee Chair Richard Neal said he plans to look more into SALT as soon as September 9 — a step forward in the debate surrounding the repeal or expansion of the tax.Subscribe to push notifications
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