US Senator Chuck Schumer has criticized the state and local tax (SALT) deduction cap, calling it “double taxation” and saying it is crippling New York families. Schumer, along with other Democrats, is urging the repeal of the 2017 tax law’s $10,000 cap on federal income tax deductions for state and local taxes. The cap, part of the Tax Cuts and Jobs Act passed under President Trump, has disproportionately affected high-tax states like New York, New Jersey, and California. Schumer is pushing for the inclusion of a repeal in the upcoming infrastructure bill.
Click the link below to delve deeper into this topic. Learn more about Senator Schumer’s stance on the SALT cap, the impacts it has had on New York families, and the ongoing debates on tax law reform. Understand the implications of this policy and what it means for the future of the American tax system.