U.S. Senator Chuck Schumer from New York is advocating for the removal of a cap on state and local tax (SALT) deductions, which he claims is causing financial distress for New Yorkers. The cap, part of the 2017 Tax Cuts and Jobs Act signed into law by former President Trump, limits SALT deductions to $10,000. Schumer argues this disproportionately affects high-tax states like New York, leading to double taxation for many families. He is pushing for the cap’s removal to be included in President Biden’s infrastructure plan, the American Jobs Plan, which is currently under negotiation.
Click the link below to learn more about Senator Schumer’s campaign to remove the SALT deduction cap — a move that could potentially save New York families thousands of dollars. Stay informed about the ongoing negotiations over the American Jobs Plan and how changes to tax laws may impact you.