Trump Reverses Stance, Supports Repeal of SALT Cap

The former president now backs bipartisan efforts to eliminate the $10,000 limit on state and local tax deductions, a move seen as beneficial to high-tax states.

• Donald Trump, the 2024 Republican presidential nominee, has announced his support for removing the SALT cap, reversing a key provision of his 2017 tax law.
• The $10,000 cap on state and local tax deductions has been a contentious issue, particularly affecting high-tax states like New York and California.
• Trump's new position aligns him with Democratic leaders such as Chuck Schumer and Nancy Pelosi, who have long opposed the SALT cap.
• The cap was initially intended to raise revenue and target high-tax, Democratic-led states, but it has faced criticism from both parties.
• If the SALT cap is repealed, it could provide significant financial relief to middle-class families in high-tax states and potentially influence the upcoming elections.

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