President Donald Trump is considering reversing course on one of the biggest planks of his tax reform plan, according to a new report.
Bloomberg's Kevin Cirilli and Sahil Kapur reported Thursday that Trump may keep the state and local tax (SALT) deduction in place after calling for its elimination in the most recent framework released on September 27.
The SALT deduction allows people to slice off what they pay in state and local taxes from their federal tax bills. The benefit for the tax primarily goes to states with high-income taxes. Notably, people in New York, New Jersey, and California receive about one-third of the total benefits from the deduction.