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STATES WITH high state and local taxes have seen an uptick in residents leaving the state following the implementation of a federal SALT deductions cap. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

Trump’s SALT cap fuels a wealth exodus from high-tax states

NEW YORK – Some of the hardest evidence yet indicates that the 2017 Republican tax law is pushing money and people from high-tax states...
HOUSE DEMOCRATS are seeking to raise the SALT cap to $20,000 for married couples in 2019, before repealing it fully in 2020 and 2021 via legislation. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

Democrats take final swipe at SALT cap before year’s end

WASHINGTON – House Democrats are making a last-ditch bid to reverse the $10,000 cap on state and local tax deductions before year’s end. But...
FOUR NORTHEASTERN states are poised to take their challenge of the federal state and local taxes deduction cap to the federal appeals court in Manhattan after a judge tossed their lawsuit in September. / BLOOMBERG FILE PHOTO/ MICHAEL NAGLE

SALT cap ruling challenged on appeal by 4 eastern states

WASHINGTON Four states in the eastern U.S. will attempt to revive their lawsuit challenging the Trump administration’s cap on the deduction for state and...
EFFORTS TO BLUNT the effect of the state and local tax deduction cap introduced in 2017 have been unsuccessful. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

Democrats find few Republican allies to dull sting of SALT tax

WASHINGTON –  Democrats are staging a long-shot attempt to chip away at the Republican tax law’s limit on state and local tax deductions, finding...
A FEDERAL JUDGE has thrown out a lawsuit filed by New York, New Jersey, Connecticut and Maryland seeking to block the cap on state and local tax deductions. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

SALT tax-cap challenge by New York and New Jersey is thrown...

NEW YORK – Four states in the eastern United States lost a legal challenge to a provision of the 2017 law that limited write-offs...
EFFORTS TO RAISE the cap on SALT deductions or to create workarounds for taxpayers in high tax states are not expected to succeed. / BLOOMBERG FILE PHOTO/ MICHAEL NAGLE

It’s over: States lose fight against SALT deduction cap

WASHINGTON – New York, New Jersey and Connecticut have been fighting a new cap on state and local tax deductions ever since it was...
THE IRS is looking to eliminate the remaining loopholes related to the state and local tax deduction cap. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER

IRS Looks for Ways to Squelch N.Y., Connecticut SALT Workarounds

NEW YORK - The Internal Revenue Service is considering issuing rules that could invalidate some of the last remaining strategies in New York and...
ROUGHLY 10.9 MILLION people are losing out deductions for state and local taxes due to the $10,000 state and local taxes deduction cap included in the 2017 tax overhaul. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER

SALT cap will leave nearly 10.9M people feeling tax pain

NEW YORK - About 10.9 million people are losing out on one of their most prized tax breaks - the deduction for state and...
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