- Congress says wealthy would reap most benefit from cap repeal
- ​House panel will examine deduction’s impact in Tuesday hearing
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.
Laura Davison | Bloomberg