Local taxes – Charm

Higher SALT deduction relieves homeowners, adds to national debt

President Donald Trump‘s “big beautiful bill” raised the state and local tax deduction, known as SALT, to $40,000 for 2025. The change comes less than a decade after a cap was placed on this tax break for the first time in its history. Taxpayers who itemize tax breaks can claim the SALT deduction, which includes state and…

How Roth conversions could slash Trump’s $40,000 ‘SALT’ deduction

Cs news9 months ago9 months ago05 mins

U.S. President Donald Trump signs the sweeping spending and tax legislation, known as the “One Big Beautiful Bill Act,” at the White House in Washington, D.C., U.S., July 4, 2025. Ken Cedeno | Reuters Roth individual retirement account conversions have become a popular way for investors to reduce lifetime taxes. But for some high earners,…