4 ms·
The title is clickbaity. Wealthy people are not getting a tax cut with SALT - any federal cut with this would wind up being taxed locally.
by VictorPath 5y ago
The title is clickbaity. Wealthy people are not getting a tax cut with SALT - any federal cut with this would wind up being taxed locally.
- toast0 5y agoIf SALT goes back to being uncapped (or more precisely, capped by AMT), this is a tax cut for people it applies to. While some states toyed with workarounds to the cap that came with the Trump tax changes, I don't think it happened for the most part and states didn't reduce their taxes to compensate for the increased taxes on their residents. I wouldn't expect to see taxes being raised in the near term to compensate for reduced taxes on residents either.