U.S. Senator Chuck Schumer, a Democrat from New York, has criticized a proposal by Republicans to remove a state and local tax (SALT) cap. The cap, implemented as part of the 2017 Tax Cuts and Jobs Act, limits the amount of state and local taxes that can be deducted from federal income tax to $10,000. Schumer argues that the removal of this cap would disproportionately benefit the wealthy at the expense of middle-class taxpayers. He believes that the cap should remain in place, but the $10,000 limit should be increased to provide more relief to middle-class taxpayers.
Stay informed and understand the competing perspectives on issues that directly impact your taxes. Click the link below to read more about Sen. Schumer’s stance on the proposed removal of the SALT cap and how this could affect you.