SALT cap repeal would be $40B windfall for millionaires

A REPEAL OF the state and local taxes cap would lower the burden for households earning at least $1 million by $40.4 billion, or 52% of the $77.4 billion in additional tax breaks that the repeal would provide, according to the Joint Committee on Taxation. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE
A REPEAL OF the state and local taxes cap would lower the burden for households earning at least $1 million by $40.4 billion, or 52% of the $77.4 billion in additional tax breaks that the repeal would provide, according to the Joint Committee on Taxation. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE
WASHINGTON – More than half of the benefit of repealing the $10,000 deduction cap for state and local taxes would go to millionaires, according to Congress’s nonpartisan tax scorekeeper. Getting rid of the so-called SALT cap would lower the burden for households earning at least $1 million by $40.4 billion, or 52% of the $77.4…

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