President Joe Biden’s Build Back Better plan could be passed this week and may address SALT.
SALT is state and local tax deduction. In 2017 it capped off at $10,000, impacting property owners in areas like New York City and New Jersey.
Property taxes increased so much in places like NYC, New Jersey, Westchester County and Long Island that it became unattractive to people wanting to move there.
The cap is set to expire in 2026, but Democrats have been working to roll it back ever since.
Some Democrats are unsure of their stance, because it mainly only impacts wealthier property owners.
Others claim an income like $200,000 in places like New York City and surrounding areas is not wealthy due to the high cost of living.
If amended, the deduction would go from $10,000 to $80,000, but in 2031 would return to $10,000.
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