SALT Parity Offers Massive Savings for Main Street
With the Build Back Better Act stalled in the Senate, states should resume efforts to enact our SALT Parity legislation this year. The SALT cap appears here to stay, at least through 2025, and the savings potentials for family businesses are substantial.
How substantial? As reported by Richard Rubin in the Wall Street Journal, new numbers out of New York show that that S corporations and partnerships paid $11 billion under the new Pass-Through Entity (PTE) tax the state adopted back in April, translating into between $3 and $4 billion in federal tax savings. $4 billion! That’s just one …
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