Republicans might make a big reversal on one of the most controversial parts of Trump’s tax plan
WASHINGTON — The elimination of the state and local tax deductions (SALT) is one of the most controversial aspects of the Republican framework for tax reform, drawing the ire of Democrats and many Republicans in states like California, New York, and New Jersey.
The SALT deductions allow earners in states with particularly high income rates to take a chuck out of their federal tax bills. Eliminating such deductions, which top Republicans have proposed, could place increased burdens on many middle class Americans.
On Thursday, Bloomberg reported that President Donald Trump signaled he might reverse the elimination of SALT deductions.
However, Treasury Secretary Steven Mnuchin remained adamant that SALT deductions die with the new tax overhaul. …read more
Source:: Businessinsider – Finance