SALT deduction

States are enjoying windfalls after struggling to predict how President Donald Trump’s federal tax law changes would ripple through their revenue.

The senator said she’d seek to repeal all of the tax overhaul, including its breaks for wealthy earners, corporations and the middle class.

President Donald Trump said that New Yorkers could have thwarted a provision in his tax law that limits state and local tax deductions, one of the most controversial changes in the 2017 overhaul that contributed to Republican losses in the 2018 midterms.

The Democratic presidential candidate and New Jersey senator released 10 years of tax returns, showing he faced a new cap on deductions of state and local taxes.

Surveys show just one-fifth of taxpayers believe their taxes have gone down.

A new limit on state and local tax deductions isn’t forcing taxpayers to leave some states, according to Moody’s Investor Service.

House Democrats are looking to find a compromise solution to the Republican tax law’s cap on the amount of state and local levies that can be written off a federal return, a limit they say has caused their constituents to lose out on billions of dollars of deductions.

The rally in the $3.8 trillion municipal-bond market is about to face a major tax-season test.

The Internal Revenue Service issued guidance Friday on how to deal with state and local tax refunds in the context of the $10,000 limit on state and local tax deductions under the Tax Cuts and Jobs Act.

Politicians in mostly Democratic high-tax areas say the new federal cap on state and local tax deductions hurts their residents, but most never got it in the first place.

A new limit on the amount of state and local levies that can be deducted has costly and confounding implications for some, especially in high-tax places.

The Institute for Professionals in Taxation will hold its two State Income Tax Schools this July in Hartford, Conn. for SALT professionals.

The main tax revenue for U.S. states declined by an average of almost 2 percent during the last three months of 2018 from the same quarter a year earlier.

The Internal Revenue Service is considering issuing rules that could invalidate some of the last remaining strategies in New York and Connecticut to circumvent the state and local tax, or SALT, deduction cap that kicked in for the 2018 tax year.

Politicians from New York, New Jersey and other high-tax states may be making a lot of noise, but the new $10,000 limit on deductions for state and local taxes, or SALT, isn’t going anywhere any time soon.

Some of the states that are paying the highest amounts in federal taxes are also the ones that will be hurt the most by the $10,000 limit on the SALT deduction.

Education Secretary Betsy DeVos is riding to the rescue of a private-school tax break that was ensnared in a bitter fight between the Treasury Department and Democratic states that sought to circumvent caps on state and local deductions under the Trump tax overhaul.

By setting a $10,000 cap on how much Americans can deduct in state and local taxes Washington created a pricey problem for the privileged in some parts of the country. But even before the law, there were rich people in blue states trying this strategy. Here are a few of the more colorful examples of litigation between wealthy residents who claimed to have moved and jilted states that didn’t quite believe them.

New Jersey’s average property tax bill hit a record for a high-cost state whose residents were stung by the cap on deductions for state and local taxes.

About 10.9 million people are losing out on one of their most prized tax breaks — the deduction for state and local taxes.