One Big Beautiful Bill, what a big update has come out about this new law, as you know, it will increase the deduction limit for state and local taxes or SALT from the current limit of $10,000 to $40,000. Not only this, increasing this limit is going to be a big benefit for homeowners with high property taxes, this information is being said everywhere in the media, tax savings can be obtained for state income tax liabilities and a very big relief can also be obtained, let us tell you important information about it which has just come out
Not only this, if reports are to be believed, Trump had also given a huge exemption regarding SALT deduction in the Tax Cuts and Jobs Act of 2017, such information is being received now. And personal income tax rates have also been reduced, not only this, he had introduced it as a way to offset and today for the first time there was no limit on how much was credited in state and local taxes and no clear information has been revealed yet about the number of income tax deductions that can be made.
Who will benefit from the higher SALT cap? Find out
In a country like the US, there are huge issues with property, especially with property taxes, but people who have deductible expenses like state income tax and mortgage interest will benefit from the higher SALT cap.
For example, married couples will be able to take advantage of the higher SALT cap and will be required to itemize more than the $30,000 standard deduction in 2025. Apart from this, there are many other benefits that can be availed by taking advantage of the standard deduction or their total itemized deductions.