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Wealthy Democrat donors likely to benefit from Democrats’ repeal of SALT cap

Fox News illustration

The highest earners would receive an average tax cut of more than $23,000 per year

By Cameron Cawthorne


Some of the wealthiest and most prolific Democratic donors are likely to benefit financially if Democrats are successful in repealing a Trump-era limit on state and local tax (SALT) deductions.

The so-called SALT deduction cap, which is due to expire in 2026, limits the amount of state and local taxes that Americans can deduct from their federal taxes to $10,000. However, Democrats in high-tax states like New York, New Jersey and California have been demanding for months that the cap be increased as part of President Biden’s $1.75 trillion Build Back Better spending plan.

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