Page 24 - Salt Deduction News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Ocasio-Cortez said she disagrees with the NY Democrats opposing legislation without SALT Cap deductions repeal.

This week, anticipating a new clash between collectors and the taxman…   AIM HIGH On April 6, New York state announced a new budget that does exactly what many in the liberal-leaning cultural sector have been clamoring for every level of government to do in recent years: raise taxes on the highest-earning residents, partly to directly benefit the art industry. The question now will be whether this more progressive tax policy works as envisioned, or whether it backfires by driving the one percent away from spending, giving, and even living in New York. All told, the state’s fiscal year 20...

The April 1 letter that seven governors sent to President Biden was no April's Fools joke. The changes to the tax code pushed through by the Republican Congress with zero Democratic votes in 2017 limiting the long-sacrosanct federal deduction on state and local taxes (SALT) was unfair and politically motivated. It must end.Read Full Article » Comment

Some business owners can get hurt by workarounds to the $10,000 limit for state and local tax deductions.

Hopes among millions of upper-income and middle-class taxpayers for a repeal of the Trump administration’s limits on their federal deductions will likely be on hold for now, as an effort to include the measure in the COVID-19 aid package is poised to fail.