Legislation proposed to double SALT deduction cap for married couples filing jointly
New legislation would raise the state and local tax deduction cap to more than $80,000 for couples filing jointly.
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Congressman Josh Gottheimer announced legislation that would double the state and local tax deduction cap for married couples filing jointly.
The proposal targets what Gottheimer describes as the "marriage penalty" within the state and local tax deduction, commonly known as SALT.
Under the legislation, the SALT deduction cap for married couples filing jointly would increase to more than $80,000. The change is intended to address concerns that married couples are currently limited by the same deduction cap applied to individual filers.
The proposal would need approval from Congress before becoming law.
