State and local tax deduction caps may get another look
If that feels like déjà vu all over again, it is. In June of 2019, the Select Revenue Measures Subcommittee held a hearing on the matter. One of the issues raised at that time tackled an oft-cited statement that the SALT deduction primarily benefits higher-income taxpayers. In 2018, the Joint Committee on Taxation reported that 22% of taxpayers who claimed the SALT deduction in 2017 reported more than $200,000 in income.
Testimony offered at the hearing included the Mayor of Falls Church, Virginia, David Tarter, who disputed the notion that the cap only affected high-income taxpayers, suggesting instead that the cap targeted high cost of living areas. He told the subcommittee that “[t]here are no yachts in Falls Church, just lots of hard-working families trying to get by in the high rent district.
Despite those pleas, repealing the SALT cap before 2025—when it’s slated to disappear—isn’t politically likely. However, opponents of the SALT cap are hoping that alternative plans could gather steam. One suggestion is to replace the SALT cap with a cap on all itemized deductions. In other words, instead of limiting the SALT deduction, the total deductions claimed on Schedule A, including SALT, charitable contributions and home mortgage interest, would be restricted to a fixed amount.
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