Republican presidential candidate and former US President Trump attended a press conference at the Trump National Golf Club in Rancho Palos Verdes, the United States, on September 13, 2024.
David Swanson | Reuters
Former President Donald Trump vowed on Tuesday that he would “take back the SALT” if re-elected, an apparent hint that he would lift the cap on state and local tax deductions in the law he signed in 2017.
Republican presidential candidate Trump makes this promise in “Truth Society” postal The aim is to get New York voters to support him over Democratic Vice President Kamala Harris in the Nov. 5 election.
Trump claimed: “We do have a chance to win New York state for the first time in decades.” He argued that crime, immigration and inflation have hurt the state’s residents.
“Vote Trump! I will turn things around, take back the salt, lower taxes and more,” he said in the post.
Trump lost both games to New York by more than 20 percentage points 2016 and 2020 election. Most recent polls in the state show Trump steps down A double-digit lead against Harris.
When asked to clarify Trump’s social media posts, specifically whether he has vowed to end the SALT caps he signed into law, the Republican campaign did not provide a direct answer.
Instead, it shared a statement from spokesperson Karoline Leavitt, saying “While his pro-growth, pro-energy policies will make life affordable again, President Trump will also quickly Adopt tax relief policies targeting working people and the elderly.
The Trump campaign did not immediately respond to CNBC’s follow-up questions.
The SALT deduction allows taxpayers to deduct certain state and local taxes from their federal tax return. But the 2017 Tax Cuts and Jobs Act, the biggest legislative achievement of Trump’s presidency, caps that deduction at $10,000.
The cap increases federal revenue and helps pay for other cuts in the sweeping tax bill.
Democrats complain that the SALT deduction limit disproportionately hurts blue states like New York and Connecticut that have higher state and local tax rates.
However, some progressives and tax policy experts have defended the cap, arguing that repeal would primarily benefit the wealthy.
The SALT cap and other tax provisions of the 2017 tax law are set to expire at the end of 2025. No tax increase Americans earning less than $400,000 per year.
Independent committee for a responsible federal budget believes that abolishing the SALT cap “would be expensive, twistedand return”.
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