The SALT Deduction.
How “Tax Relief for Homeowners” Became Another Giveaway to the Rich.
The State and Local Tax (SALT) deduction sounds like middle-class tax relief, but it’s actually a massive giveaway to wealthy homeowners that does absolutely nothing for renters or working families—and both parties are fighting to make it even more regressive.
Show Notes
Clips
Episode Timestamp + Link | Clip Link
- 00:00:45 | ABC7: SALT cap raised to $40K will benefit CA homeowners, experts say
- 00:02:49 | Senator Chuck Schumer: WATCH: I'm speaking on the Senate floor. [1/17/2025]
Resources
- Brookings: The SALT tax deduction is a handout to the rich. It should be eliminated not expanded
- CNBC: Trump’s ‘big beautiful bill’ passes SALT deduction limit of $40,000. Here’s who benefits
- Forvis Mazars: Be Wary of Pre-Emptive Tax Planning on Itemized Deductions & SALT
- TIME: A Wonky Tax Break for the Well-Off Is a Bigger Problem for Democrats Than You'd Think
- Gottheimer: RELEASE: SALT Caucus Co-Chairs, Members Meet & Discuss Fight to Restore State and Local Tax Deduction
- Tax Foundation: A More Generous SALT Deduction Cap in the Big, Beautiful Bill Would Cost Revenue and Primarily Benefit High Earners
- RSM US: Bill limits SALT deductions for some financial and professional services firms
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