SALT Cap Repeal Would Be $40 Billion Windfall for Millionaires

June 24, 2019, 7:09 PM

More than half of the benefit of repealing the $10,000 deduction cap for state and local taxes would go to millionaires, according to Congress’s nonpartisan tax scorekeeper.

Getting rid of the so-called SALT cap would lower the burden for households earning at least $1 million by $40.4 billion, or 52% of the $77.4 billion in additional tax breaks, according to numbers released June 24 by the Joint Committee on Taxation.

Some Democrats in Congress want to repeal the portion of the 2017 overhaul that capped at $10,000 the amount of state and local taxes that can be taken off a ...

To read the full article log in. To learn more about a subscription click here.