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…
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,…
U.S. President Donald Trump meets with Philippine President Ferdinand Marcos Jr. (not pictured), in the Oval Office at the White House in Washington, D.C., U.S., July 22, 2025. Kent Nishimura | Reuters President Donald Trump on Tuesday said the administration is considering ending capital gains taxes on home sales to boost the housing market. When…