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Why Restoring the Pre-TCJA State And Local Tax Deduction (SALT) is Vastly Difference than a Full SALT Cap Repeal!

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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 These caps were repealed or reduced by TCJA.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 year.


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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...)
 
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An easy modification to proposed SALT Cap legislation can enable Dems to extend their 2018 House seat gains in 2020, rather than lose some of the 2018 gains as they are in jeopardy of doing.

Submitted on Thursday, Aug 22, 2019 at 7:12:21 PM

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