Trump Advisers Consider Raising SALT Write-Off Limit to $20,000 [View all]

Trump’s economic advisers are considering doubling the state and local tax deduction, a popular — but expensive — tax break that could deliver big savings to many residents of New York, New Jersey, and California.

Economist Stephen Moore, a member of President-elect Donald Trump’s economic advisory transition team, told Bloomberg Thursday that the group has discussed expanding the tax write-off limit from $10,000 to $20,000.

Trump had vowed to revive the SALT deduction during the campaign — a particularly potent issue in states where the combination of high tax rates and expensive property values make the write-off especially valuable.

Moore said the group is opposed to making the deduction unlimited — as some New York and New Jersey politicians have advocated for — because that would amount to “the biggest tax cut for millionaires and billionaires ever.”

https://www.bloomberg.com/news/articles/2024-12-12/trump-advisers-consider-raising-salt-write-off-limit-to-20-000?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTczNDAyNjI2MSwiZXhwIjoxNzM0NjMxMDYxLCJhcnRpY2xlSWQiOiJTT0RZVUVEV1JHRzAwMCIsImJjb25uZWN0SWQiOiJDNjgyQTUwQzJCRDM0MTFCQTgwQjEwQjZEQjczQzM1MSJ9.T2-IQTMoz47TaIvQLIa9IMo4VMLhZcyrPOGziLDmKEk

The $10k SALT limitation was imposed by McConnell and the Republicans as a big FU to California and other (primarily Blue) high cost-of-living states. We'll see if there's any follow-through on this proposal (which I doubt).