Yellen pledges to work with Congress on ways to lower the SALT limit

US Secretary of the Treasury Janet Yellen pledged to work with Congress to ease the $ 10,000 cap on state and local tax deductions that has been a key area of ​​focus for New York and New Jersey lawmakers. in recent years.

Yellen indicated that limiting state and local tax cancellations, or SALTs, in President Donald Trump’s 2017 tax law caused “unequal treatment” among taxpayers. Representatives from high-tax states have said that restrictions on the tax exemption have caused their constituents to pay more taxes.

“Many options have been presented, and I would work with you to try to ensure that the inequities this caused are remedied in a fair and responsible manner,” Yellen said in response to a question from Rep. Josh Gottheimer, a new Jersey Democrat, during a hearing of the House Financial Services Committee on Tuesday.


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