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by frutiger
1685 days ago
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If you earn $100k and pay $10k in State Tax, your Federal Taxable income is reduced by that amount to $90k (i.e. a $10k deduction). So you effectively pay less Federal Tax. The SALT cap put a limit on how much you can deduct. So folks paying more State Tax than the limit that previously benefited from deducting that amount could only deduct up to the limit. |
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