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Anybody know what happened with SALT in the BBB? (Original Post)
Jit423
Jul 2025
OP
Celerity
(54,431 posts)1. The state and local tax deduction, known as SALT, provides a federal deduction for state and local income taxes and
property taxes.
Under President Donald Trumps 2017 tax cuts, theres currently a $10,000 limit on the SALT deduction through 2025.
Passed early Thursday, Trumps "big beautiful bill" includes a temporary SALT limit of $40,000 starting in 2025. That benefit begins to phase out, or decrease, after $500,000 of income.
Both figures would increase by 1% each year through 2029 and the cap would revert to $10,000 in 2030.
https://www.google.com/amp/s/www.cnbc.com/amp/2025/07/03/trumps-big-beautiful-bill-salt-deduction.html
https://www.fidelity.com/learning-center/personal-finance/one-big-beautiful-bill
The SALT deduction, capped at $10,000 for all filers in 2017, increases to $40,000 and then will revert to $10,000 in 2030. The higher SALT cap would begin to phase out for incomes above $500,000 ($250,000 in the case of a married individual filing separately). After 2030, the $10,000 SALT deduction would be applicable to all filers regardless of income and would become permanent.
Jit423
(1,568 posts)3. Most people do not even recognize that Trump raised their taxes in 2017. nt
Response to Jit423 (Original post)
MissB This message was self-deleted by its author.