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【CNBC】House passes bill to lift $10,000 cap on state and local tax deductions

【CNBC】House passes bill to lift $10,000 cap on state and local tax deductions

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  • The “Restoring Tax Fairness for States and Localities Act” would eliminate the $10,000 limit on state and local tax deductions for 2020 and 2021.
  • On Thursday, the House narrowly voted to pass the bill, 218-206, largely along party lines. The measure is unlikely to make it through the Senate.
  • This bill calls for increasing the SALT-cap to $20,000 for married couples filing jointly in 2019, as well as raising the highest marginal tax income tax rate to 39.6%.

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