Tax that man behind the tree. As Congress works to pass a $3.5 trillion budget reconciliation package a group of “moderate” Democrats are threatening to block the spending bill unless the State and Local Tax (SALT) caps are repealed. Prior to Donald Trump’s 2017 tax law, state and local taxes were fully deductible on federal income tax returns (for itemized filers). The 2017 tax law, passed at the urging of Donald Trump, limited the SALT deduction to $10,000. This cap has long rankled Democrats elected to office in high-tax, high-spending locales such as the New York metropolitan area and San Francisco. Closer to home the cap also impacts people living in Virginia’s high-cost, high-tax areas like Northern Virginia. Continue reading
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