SALT Cap likely to be repealed
Democrats including Nancy Pelosi, Chuck Schumer, and Tom Suozzi are putting pressure on the current administration to repeal the controversial SALT (State and Local Tax) cap passed in the 2017 Tax Cuts and Jobs Act. Tom Suozzi has announced he will not cooperate in any tax reform without SALT reform (repeal). The repeal will primarily affect residents in California, New York, Texas, New Jersey, Maryland, Illinois, and Florida and move may give a boost to interest in high value properties.
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