Trump promises to bring back SALT deduction before NY rally.

President Donald Trump has recently made a promise to restore the State and Local Tax (SALT) deduction ahead of a rally in New York. This move could potentially have a significant impact on taxpayers in high-tax states like New York, New Jersey, and California.

The SALT deduction allows taxpayers to deduct state and local taxes from their federal tax bill. However, this deduction was capped at $10,000 as part of the 2017 tax overhaul, which led to many taxpayers in high-tax states seeing an increase in their tax bills.

President Trump’s pledge to restore the SALT deduction comes as he looks to win over voters in key states ahead of the upcoming election. The President has stated that he is working on a plan to increase the deduction, although details of the plan have not yet been released.

This move has received mixed reactions from lawmakers and taxpayers. Supporters of the SALT deduction argue that it is necessary to prevent double taxation and ensure fairness for taxpayers in high-tax states. On the other hand, critics argue that restoring the deduction would primarily benefit high-income earners and increase the federal deficit.

One thing is clear: the SALT deduction has been a contentious issue since it was capped in 2017. Many taxpayers in high-tax states have been vocal about the negative impact it has had on their finances. Restoring the deduction could provide relief for these taxpayers and potentially win over voters in key states.

As the election draws nearer, President Trump’s promise to restore the SALT deduction is sure to be a hot topic of debate. It remains to be seen how this move will play out and what impact it will have on taxpayers across the country.

Stay tuned for more updates on this developing story as details of President Trump’s plan to increase the SALT deduction are released. The implications of this move could be far-reaching and will likely have a significant impact on taxpayers in high-tax states.