Cuomo Calls For An End To The Trump-Era SALT Deduction Cap
New York Governor Andrew Cuomo wants federal lawmakers to repeal a Trump-era rule that capped state and local tax deductions, known as SALT.
Cuomo said the law costs the state $12 billion per year and repealing it would bring a significant economic boost to the state.
"Taxes would be lower than they have been in the past four years. It would be the single biggest economic shot in our arm. It's time to act,” Cuomo said.
Cuomo called it the first double taxation in the nation's history and said that SALT costs the state $33 million every day.
The law allows taxpayers of high-tax states to deduct local tax payments on their federal tax returns.