Tax Bill Boosts High-Tax States

This is a news story, published by Yahoo Finance, that relates primarily to Jake Krimmel news.

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hefty property taxes

Yahoo Finance

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Business

Business & Economics

Who stands to benefit from the new SALT cap? High-earning homeowners in high-tax states.

Summary

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84% Informative

High earners who live in high-tax states are likely to get the biggest breaks.

The new law bumps the cap on state and local tax deductions from $ 10,000 to $ 40,000 .

The change could translate to thousands of dollars in annual tax savings for those homeowners.

“Raising the SALT cap creates a greater incentive to own in expensive, high-tax neighborhoods, such as affluent suburbs with high property taxes and good schools,” Realtor.com senior economist Jake Krimmel said in a statement. “As demand for these neighborhoods rises, expect home prices to edge up there, too.” Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance..

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful