In early March, U.S. Representative Katie Porter (D-Orange County) introduced the Supporting Americans with Lower Taxes (SALT) Act (H.R. 6847) to fully restore the state and local tax (SALT) deduction for individual and joint filers making $400,000 or less in adjusted gross income (or $200,000 or less for married individuals filing taxes separately). For filers making over $400,000, the SALT deduction cap would start at $60,000 ($30,000 for married individuals filing separately) and would be reduced at a rate of $10,000 for each $100,000 of income more than $400,000 and would completely phase out at $1 million in adjusted gross income. If enacted, all filers claiming SALT deductions would be required to attest their total assets do not exceed $1 billion.
