NY, NJ Republicans pushing to double SALT deduction cap to $20K but could go as high as $100K

Republican lawmakers from high-tax New York and New Jersey are pushing to double the $10,000 state and local tax (SALT) deduction cap for their residents — but could press for an increase of 10 times that level — as part of President-elect Donald Trump’s highly anticipated tax package later this year.The GOP lawmakers, who flew down to Palm Beach, Fla, last weekend for some face time with the incoming president, are now working furiously on Capitol Hill to craft portions of the tax bill that would deliver relief to working- and middle-class families in their states.“What we’ve been doing as members of [the House] Ways and Means [Committee] is going through the different scenarios, crunching the numbers to get an idea of where SALT — not just SALT — but all the other tax proposals fit together,” Staten Island Rep.Nicole Malliotakis told The Post.“We’re looking at all these things,” Malliotakis said.

“Could we offer an increased deduction, let’s say double it, and then it goes up even further if your state and and municipality do the right thing?”“Why doesn’t Mayor [Eric] Adams cap New York City property taxes at 2% like every other municipality in the state?” she asked.“Why doesn’t Governor [Kathy] Hochul lower personal income tax like President Trump did on the federal level? Is there a way we can hold these individuals who tax New Yorkers to death accountable?”The maximum SALT deduction currently available for those filing federal returns is $10,000 for individuals and married couples, a limit imposed by Trump’s 2017 Tax Cuts and Jobs Act.

Rep.Jeff Van Drew (R-NJ) said “inflation” has so “ravaged” taxpayers since then that the cap would have to “at least double.”“When you go and get a hamburger or go to the store — God help you if you gotta buy construction materials — everything,” Van Drew said.

“The point is $10,000 then, when those cuts were done, is honestly in my mind at least double that right...