Treasury Deparment watchdog: 'Trump's tax law may cause close to 11million taxpayers to be subject to limit on key deduction' If the $10,000 deduction cap had been in place in 2017, 10.9million taxpayers wouldn't have been able to deduct $323billion in state and local tax payments The prediction comes from the Treasury Inspector General for Tax Administration (TIGTA), in a report released on Tuesday TIGTA examined 2017 tax filings that had itemized deductions that exceeded the standard deduction amount under President Donald Trump's tax law Some taxpayers will see an increase in their taxes because of the state and local tax (SALT) deduction cap Taxpayers who claimed more than $10,000 in SALT deductions in previous filings could still see a reduction under Trump's tax law
By Dailymail.com Reporter
Published: 23:25 GMT, 27 February 2019 | Updated: 23:25 GMT, 27 February 2019
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If the $10,000 deduction cap had been in place in 2017, 10.9million taxpayers wouldn't have been able to deduct $323billion in state and local tax payments (stock)
Approximately 11million taxpayers could be subject to limits on their state and local tax (SALT) deduction under President Trump's tax law, according to a report released on Tuesday by a Treasury Department watchdog.
The Treasury Inspector General for Tax Administration
