Many New York, New Jersey and California residents are enjoying supercharged tax savings this year from a provision in President
The legislation, enacted in July, increased the state and local tax, or SALT, deduction cap to $40,000 from $10,000, the result of a political compromise between congressional leaders and a handful of Republicans from swing districts in the New York City area and southern California.
The economic consequence is that some high-earning residents of tax-heavy states — areas that largely didn’t support Trump in the ...