Republican presidential candidate and former US President Trump attended a press convention on the Trump Nationwide Golf Membership in Rancho Palos Verdes, america, on September 13, 2024.
David Swanson | Reuters
former president Donald Trump Trump vowed Tuesday to “take again SALT” if re-elected, an obvious trace that he would carry the cap on state and native tax deductions within the regulation he signed in 2017.
Republican presidential candidate Trump made the pledge in an announcement truth society postal Aiming to get New York voters to assist him as a substitute of the Democratic vice chairman Kamala Harris within the November 5 election.
Trump claimed: “We do have an opportunity to win New York state for the primary time in a long time.” He argued that crime, immigration and inflation have damage the state’s residents.
“Vote Trump! I’ll flip issues round, take again the salt, decrease taxes and extra,” he mentioned within the submit.
Trump misplaced each video games to New York by greater than 20 share factors 2016 and 2020 election. Most up-to-date polls within the state present Trump steps down A double-digit lead towards Harris.
When requested to make clear Trump’s social media posts, particularly whether or not he has vowed to finish the SALT caps he signed into regulation, the Republican marketing campaign didn’t present a direct reply.
As a substitute, it shared an announcement from spokesperson Karoline Leavitt, saying “Whereas his pro-growth, pro-energy insurance policies will make life inexpensive once more, President Trump may also rapidly Undertake tax reduction insurance policies concentrating on working folks and the aged.
The Trump marketing campaign didn’t instantly reply to CNBC’s follow-up questions.
The SALT deduction permits taxpayers to deduct sure state and native taxes from their federal tax return. However the 2017 Tax Cuts and Jobs Act, the most important legislative achievement of Trump’s presidency, caps that deduction at $10,000.
The cap will increase federal income and helps pay for different cuts within the sweeping tax invoice.
Democrats complain that the SALT deduction restrict disproportionately hurts blue states like New York and Connecticut which have increased state and native tax charges.
Nevertheless, some progressives and tax coverage consultants have defended the cap, arguing that repeal would primarily profit the rich.
The SALT cap and different tax provisions of the 2017 tax regulation are set to run out on the finish of 2025. No tax increase Individuals incomes lower than $400,000 per 12 months.
Unbiased committee for a responsible federal budget believes that abolishing the SALT cap “could be expensive, twistedand return”.
