This tax season, many wealthy Americans are getting an expensive jolt.
The Republican tax overhaul signed by President Donald Trump more than a year ago provides plenty of perks for the rich. But not all well-off folks are treated alike under the new law. A controversial provision that helps pay for huge corporate tax cuts punishes residents of states with higher income taxes—most of which, but not all, lean Democratic.
Illustration: Jack Sachs for Bloomberg
By setting a $10,000 cap on how much Americans can deduct in state and local taxes, or SALT for short, Washington created a pricey problem for the privileged in ...