Former President Donald Trump pledged to “get SALT back” if reelected, signaling he might eliminate the state and local tax deduction cap enacted under his administration in 2017. Trump made the promise in a Truth Social post to appeal to New York voters in his contest against Democratic Vice President Kamala Harris for the November election. The SALT deduction allowed taxpayers to deduct state and local taxes from federal returns, but the 2017 Tax Cuts and Jobs Act capped this deduction at $10,000. This cap increased federal revenue and helped fund other tax cuts in the legislation.
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00:00It's Benzinga, and here's what's on the block.
00:03Former President Donald Trump pledged to get SALT back if re-elected, signaling he might
00:07eliminate the state and local tax deduction cap enacted under his administration in 2017.
00:13Trump made the promise in a True Social post to appeal in an effort to New York voters
00:17in his contest against Democratic Vice President Kamala Harris for the November election.
00:22The SALT deduction allowed taxpayers to deduct state and local taxes from federal returns,
00:28but the 2017 Tax Cuts and Jobs Act capped this deduction at $10,000.
00:33This cap increased federal revenue and helped fund other tax cuts in the legislation.
00:37For all things money, visit Benzinga.com.