Prior the Tax Cut & Jobs Act (TCJA) of 2017 two IRS provisions
capped SALT deductions of high-income taxpayers. These caps were repealed or
reduced by TCJA. Since a super-majority of the U.S. House seats flipped by the
Democrats in 2018 resulted from voter backlash against the SALT Cap the current
Democratic House majority hope to pass a SALT Cap repeal or relief bill this
All proposed bills to-date lack restoration of
the aforementioned two pre-TCJA caps and thereby created a public relations
problem for the House Democrats, with critics claiming that lion share of the
benefit of proposed bills benefit high-income taxpayers. This is easily
remedied by including in all SALT Cap repeal/relief bills provisions to restore
at a minimum the Pease Limitation of 1991 and if necessary, the AMT provisions
relating to the SALT deduction.
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A seasoned financial professional, currently providing subject matter expertise on a variety of regulatory topics, including the Dodd-Frank Act, the Foreign Account Tax Compliance Act (FATCA) and overall compliance monitoring. He has previously held (more...