1、 https:/crsreports.congress.gov Updated March 1, 20192019 Tax Filing Season (2018 Tax Year): The State and Local Tax DeductionCertain taxpayers can reduce their taxable incomeand ultimately their federal income tax liabilityby claiming the deduction for state and local taxes (SALT) they have paid. R
2、ecent changes to the SALT deduction made by the 2017 tax revision, often referred to as the “Tax Cuts and Jobs Act” (P.L. 115-97), have stimulated public discussion of the tax, its incidence, and potential responses from state and local governments. This In Focus summarizes current law and policy is
3、sues; a more extended discussion of the SALT deduction can be found in CRS Report RL32781, Federal Deductibility of State and Local Taxes. Summary of Current Law Taxpayers may deduct state and local taxes paid from income when calculating their federal income tax liability. Individual taxpayers must
4、 itemize deductions (rather than use the standard deduction) on their income tax return to claim the SALT deduction. The tax savings from the deduction on state and local taxes paid is equal to the taxpayers marginal tax rate multiplied by the size of the deduction, though may be limited by a cap on
升级VIP 