16.3% Homeowners In New Hampshire Will Benefit From The New SALT Deduction Changes
Residents of high-tax states suffered the most with the previous cap on state and local taxes (SALT), because their taxes far exceeded the cap, they were not able to deduct the full amount like residents in low-tax states.
High income taxpayers in California and New York set for a SALT windfall in 2016
The new tax legislation increases the state and local tax (SALT) deduction cap from $10,000 to $40,000, overwhelmingly benefiting wealthy taxpayers in high-tax states.
Who will and won't benefit from the bigger SALT deduction
For the next five years, there will be a much more generous state and local tax deduction available to federal income tax filers, thanks to the recently enacted mega tax-and-spending-cuts law.
This tax-bill fine print could send businesses fleeing from New York - or derail Trump's agenda
Proposed tax changes could significantly burden New York businesses, potentially increasing their federal tax liability by billions and prompting an exodus to lower-tax states.
This tax-bill fine print could send businesses fleeing from New York - or derail Trump's agenda
Proposed tax changes could significantly burden New York businesses, potentially increasing their federal tax liability by billions and prompting an exodus to lower-tax states.