Reply to Is there any momentum to increase SALT limit

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think it should be capped at 20k not 10k.

20k is reasonable. More is unreasonable.[/quote]

Nope. For once a tax that only affects the top 10% was put in place and is now benefiting the country. It should stay at $10k or even cut in half [/quote]

[b]Except those running “small businesses” can claim the excess tax through their businesses. There’s always a loophole.[/b] It hurts middle class families in high tax states the most [/quote]

Huh?  Explain how this is possible – I own a small business and see no way that this would be feasible.[/quote]

The small business can take elect to pay state entity taxes which are deductible on the business federal return thereby reducing the K-1 income pass through to owners. This enables SALT deduction which otherwise would not be deductible on 1040. All the rich people do it. Maryland and Virginia entity taxes are deductible through the method on LLCs/partnerships. [/quote]

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