Court upholds Trump law limiting state tax deductions

By Carl Campanile October 5, 2021 

A federal appeals court Tuesday unanimously rejected a suit filed by ex-Gov. Andrew Cuomo to overturn a tax overhaul law approved by former President Donald Trump in 2017 that limited federal deductions on state and local taxes. The $1.5 trillion law imposed a $10,000 cap on itemized SALT deductions that taxpayers could write-off on their federal returns, which provided Trump and the then-Republican-led Congress more revenues to pay for other federal tax cuts. The SALT cap largely affects the wealthiest taxpayers in high tax Democratic states in the Northeast — New York and New Jersey, and Connecticut, as well as California...........To Read More....