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flag Senate passes bill raising SALT deduction cap to $40,000 annually for incomes over $500K.

flag The Senate has passed a bill that temporarily increases the SALT (State and Local Tax) deduction cap to $40,000 annually for the next five years, benefiting higher earners with high property taxes. flag This cap applies to incomes over $500,000 and is expected to affect only about 10% of taxpayers. flag The change reverts to a $10,000 cap in 2030.

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