Whether it’s from pastrami, corned beef, bagels or tax deductions, New Yorkers really like their SALT.
The state and local tax (SALT) deduction allows individuals to deduct certain local taxes from their federal returns, including property tax, sales tax and income tax. But in the 2017 Tax Cuts and Jobs Act signed by former President Trump, SALT deductions were capped at $10,000, as the federal government sought to limit the amount of itemized deductions individuals could make while raising the standard deduction, i.e. the set amount one can deduct from their taxable income (in 2021, that’s $12,550 for single filers and $25,100 for a married couple filing jointly).
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