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A new report shows that the federal government has lost $6.3 billion in tax revenue through a loophole called the SALT deduction.
The loophole allows taxpayers to claim a deduction for their state and local taxes, up to a certain amount per person.
SALT is a controversial tax break, as many Americans believe it is a great way to reduce their tax burden – without a tax on their income or the cost of living.
The tax break is particularly important for high-income taxpayers, who often hold large homes in states with high tax rates, such as California, New York, and New Jersey.
According to a new report from the Institute on Taxation and Economic Policy, the SALT deduction is currently responsible for $633 billion of the $1.5 trillion tax revenue that comes from state and local taxes each year.
According to the report by the researchers, the loophole is used by “nearly a third” of Americans, and it’s a major source of revenue, accounting for 11-13 percent of total deductions.
The Institute on Taxation and Economic Policy also found that taxpayers in the top two income quintiles were more than twice as likely to use the deduction than people in lower income groups – something that could raise concerns about the federal deficit.
Taxpayers in the top quintile were also four times as likely to use the deduction as taxpayers in the lower quintile – which would mean the net revenue of tax break at $6.83 billion from $3.6 billion.
“SALT has grown over the past few years, and yet it provides a huge windfall for the wealthy in the form of tax savings that they don’t have to realize,” said Steven Rosenthal, an economist in the ITA’s Tax Policy Research Unit.
“This loophole is about as bad as it gets. There’s a direct line between SALT and a government that is failing its citizens.”
There are two main problems with this loophole, the report notes: First, the deduction is a benefit that is not really available to all taxpayers.
This means that in order to get this benefit, most Americans, at a given income level, won’t be able to use the same deduction for both state and local taxes, which means that in order to claim it, some people will have to pay state and local taxes and others will not.
Second, the loopholes do not have a fixed limit on how
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