Two lawmakers debate reinstating SALT deduction
8:59
CNBC
Two lawmakers debate reinstating SALT deduction
Rep. Josh Gottheimer (D-NJ) testified in front of the House Ways and Means committee earlier this week regarding reinstating the state and local tax deduction, also known as SALT. Rep. Gottheimer and Rep. French Hill (R-Ark.) joined "Squawk Box" on Friday to discuss the merit of reinstating SALT.
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💰 Big update for taxpayers this year! The State and Local Tax (SALT) deduction—originally capped at $10,000 under the 2017 Tax Cuts and Jobs Act (TCJA)—has finally been expanded. 📈 This cap limited how much you could deduct for property taxes, state income taxes, and certain local taxes on your federal return. For years, that $10K ceiling has prevented many filers from benefiting fully from itemizing. The new tax law raises that limit, offering meaningful relief to households with higher prope
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