About This Trend
SALT stands for State and Local Tax, which is a tax deduction that allows taxpayers to itemize state and local taxes, including property taxes, in their filing. It is a significant aspect of the US tax code, particularly for residents of states with high tax rates.
The SALT deduction is currently trending due to proposals to increase its cap in the latest tax bills, which would primarily benefit higher earners and potentially make the tax code more regressive.