SALT Cap Repeal Would Be $40 Billion Windfall for Millionaires
- Congress says wealthy would reap most benefit from cap repeal
- House panel will examine deduction’s impact in Tuesday hearing
Photographer: Spencer Platt/Getty Images
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More than half of the benefit of repealing the $10,000 deduction cap for state and local taxes would go to millionaires, according to Congress’s nonpartisan tax scorekeeper.
Getting rid of the so-called SALT cap would lower the burden for households earning at least $1 million by $40.4 billion, or 52% of the $77.4 billion in additional tax breaks, according to numbers released Monday by the Joint Committee on Taxation.