House lawmakers on Thursday morning passed changes for the federal deduction for state and local taxes, known as SALT, as part of President Donald Trump’s tax package.Enacted via the Tax Cuts and Jobs Act,

The higher SALT cap would mean millions of mostly high-income taxpayers in high-tax states would save thousands of dollars off their taxes. The changes could go into effect for th

Few states have more riding on the future of the SALT deduction than New York. With some of the highest property taxes in the country and a high-income tax rate layered on top, New York residents are disproportionately affected by the current $10,000 cap on state and local tax deductions.