2nd Circuit Upholds SALT Cap

The Manhattan-based U.S. Circuit Court of Appeals for the 2nd District, by a unanimous 3-0 decision, has upheld the $10,000 cap on state and local tax (SALT) deductions as part of the Tax Cuts & Jobs Act (TCJA) signed by President Trump back in 2017. In addition to cutting taxes for corporate America as well…

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Senate Rejects Effort to Overturn SALT Deduction Cap

Earlier this week, the Senate rejected a bid by democratic members to overturn IRS regulations prohibiting states from creating charitable funds that taxpayers can contribute to in exchange for a state tax credit. The creation of the credits was an attempt by high-tax blue states such as New York, New Jersey and California to get…

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