Yellen Pledges to Work With Congress on Ways to Ease SALT Cap

March 23, 2021, 7:45 PM

U.S. Treasury Secretary Janet Yellen pledged to work with Congress to ease the $10,000 cap on state and local tax deductions that’s been a key area of focus for New York and New Jersey lawmakers in recent years.

Yellen noted that the limitation on state and local tax, or SALT, write-offs in President Donald Trump’s 2017 tax law caused “disparate treatment” across taxpayers. Representatives from high-tax states have said that the restrictions on the tax break have caused their constituents to pay more in taxes.

“There are lots of options that have been presented, and I would work with ...

To read the full article log in.

Learn more about a Bloomberg Tax subscription