The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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the staff of the Ridgewood blog
Ridgewood NJ, President-elect Donald Trump’s campaign promise to repeal the controversial $10,000 cap on state and local property tax (SALT) deductions may take a different turn. According to recent reports, Trump’s advisers are exploring an alternative plan: raising the cap to $20,000 instead of eliminating it entirely.
the staff of the Ridgewood blog
Washington DC, the federal government will need to “act big” to address the financial fallout from the coronavirus pandemic and efforts should include funding for state and local governments, said Treasury Secretary nominee Janet Yellen during a Senate confirmation hearing Tuesday.
Continue reading Treasury Secretary Nominee Janet Yellen Ducks Questions on Raising the SALT Cap
the staff of the Ridgewood blog
Ridgewood NJ, Biden promised he would repeal the $10,000 cap on the state and local tax (SALT) deduction but limit the tax benefit of all itemized deductions to 28 percent. Further, he would tax capital gains and dividends as ordinary income for taxpayers who report $1 million or more and tax capital gains at death, subject to certain exclusions.
Continue reading Is the Cap on the SALT Deduction in Play ?
