SALT Fairness and Deficit Reduction Act

The SALT Fairness and Deficit Reduction Act, also known as Bill 118 hr 3098, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the issue of state and local tax (SALT) deductions, which were limited under the Tax Cuts and Jobs Act of 2017.

The bill aims to restore the full deduction for state and local taxes, which was capped at $10,000 under the previous tax law. This change would benefit taxpayers in high-tax states who were negatively impacted by the SALT deduction cap.

In addition to addressing the SALT deduction issue, the bill also includes provisions aimed at reducing the federal deficit. These provisions include measures to increase revenue through closing tax loopholes and reducing tax breaks for wealthy individuals and corporations. Overall, the SALT Fairness and Deficit Reduction Act seeks to provide relief to taxpayers in high-tax states while also working towards reducing the federal deficit. The bill is currently being debated in Congress, and its fate will ultimately be decided by lawmakers in the coming months.