If approved, the bill would more than double the additional standard deduction for those over age 65. Its sponsors and advocates, like the AARP, say the legislation could go a long way to reducing ...

House Republicans are clashing with their own party's leadership in a battle to raise or eliminate the $10,000 cap on the SALT deduction. Here’s what you need to know: What is SALT tax deduction?

It’s a non-starter with representatives in the House’s so-called “SALT Caucus,” who have campaigned for years to repeal completely the $10,000 limit on the deduction for federal income taxes.

Taxpayers must wait until July 2027 to claim the new standard tax deduction for work-related expenses, which more than triples the current rate of claiming deductions without a receipt.

The deduction would be capped at $10,000 for individuals and $20,000 for married couples filing jointly. The benefit would phase out for higher earners, starting at $100,000 for individuals and $ ...

The state and local tax deduction – often abbreviated as SALT – was a political flashpoint in the passage of the 2017 Tax Cuts and Jobs Act and is shaping up to be so again in 2025.

Thanks to the Trump administration’s 2017 tax overhaul, that deduction was capped at $10,000 annually. As a result of that law, and other changes, about 13% of county filers deducted what they ...

House Republicans are calling for a higher limit on the deduction for state and local taxes, known as SALT, as part of President Donald Trump's tax and spending package. The House Ways and Means ...

The House's first draft of tax legislation includes a provision sought by President Donald Trump to allow tax deductions for interest on car loans. The 389-page tax bill, which is a starting point ...

Here's what the legislation would do: Adds a new $4,000 deduction for people 65 and older Senior citizens who are 65 and older would get a new tax benefit — an extra deduction of $4,000 per filer.