House Democrats want to raise SALT deduction cap to $80,00

[Yo_Mama_Been_Loggin]

House Democrats' $1.75 trillion spending package boosts the limit on the federal deduction for state and local taxes, known as SALT, to $80,000 through 2030.

However, many filers don't know how the change to SALT may affect their bottom line, experts say.

"The SALT cap increase will have the biggest effect on high-income-tax states like New York, California and New Jersey," said certified financial planner Matthew Benson, owner at Sonmore Financial in Chandler, Arizona.

Filers subtract the greater of the standard or itemized deductions from adjusted gross income to reach taxable income, the number used to calculate their bill.

https://www.msn.com/en-us/money/markets/house-democrats-want-to-raise-salt-deduction-cap-to-80-000-what-that-means-for-your-tax-bill/ar-AARF1gM

[abqtommy]

1. The IRS tax info has always been the most confusing thing to me, followed closely

by Social Security!

[eppur_se_muova]

2. Some of us still remember the Strategic Arms Limitation Treaty, so the reference to SALT ....

... can cause a little confusion.

Why couldn't they have chosen "Local and State Taxes", LAST ?