See how the SALT deduction can cut your tax bill. Learn which state and local taxes you can deduct, how the SALT cap applies, and why it matters.

Before the 2018 tax and spending bill under the first Donald Trump presidency, it was expected that at least one person every year would bring certified public accountant Cap Willey a shoebox full of ...

When you hear that the “One Big Beautiful Bill” (OBBBA) from President Donald Trump raises the state and local tax (SALT) deduction cap to $40,000, it might sound like a meaningful tax break. But once ...

EMANI FLEMING IN THE NEWSROOM. WITH THAT EMANI. WELL, STEVE, THAT TAX DEDUCTION IS CALLED THE SALT CAP. AND IT STANDS FOR STATE AND LOCAL TAX AND REFERS TO AN INDIVIDUL’S ABILITY TO DEDUCT SOME OF ...

One of the thorniest points emerging in President Donald Trump's massive tax and spending bill is the state and local tax deduction, also known as SALT. In the "big beautiful bill," there is a ...

President Donald Trump's "big beautiful bill" raised the state and local tax deduction, known as SALT, to $40,000 for 2025. Taxpayers who itemize tax breaks can claim the SALT deduction, which ...

A Redfin report reveals that New York homeowners will save an average of $7,092 annually due to the expanded federal cap on state and local tax (SALT) deductions, raised from $10,000 to $40,000. The ...

On July 4, 2025, President Donald Trump signed the reconciliation bill, known as the “Big Beautiful Bill” (“BBB”), which covered many of his campaign promises. This reconciliation, centering upon ...

The recently passed One Big Beautiful Bill Act (OBBBA) gave Americans a huge tax cut that critics say primarily benefits the wealthy. But the law contains a rare reversal from President Donald Trump ...

Forbes contributors publish independent expert analyses and insights. Leading writer and speaker in the area of trader tax benefits. Even with a temporary $40,000 SALT cap, high earners face phaseouts ...

See more of our trusted coverage when you search. Prefer Newsweek on Google to see more of our trusted coverage when you search. The U.S. Senate has passed a significant expansion to the federal ...

The SALT deduction is a federal itemized deduction for certain state and local taxes you paid during the tax year. You can only deduct state and local income taxes (or sales taxes), real property ...