SALT caucus rejects tax-writing panel's offer of $30,000 deduction cap

[thesquanderer]

3. re: "In several districts of New York and New Jersey, property taxes are as high as $40,000 annually"

Yes, but how many non-millionaires own such properties that they are paying property tax of over $30k? And even then, this cap only taxes them on the amount of property tax that exceeds $30k. While I sympathize with your double taxation argument, I say take the win, if the risk of rejecting the $30k cap could mean no adjustment to the current SALT rules at all, leaving it at $10k, which indeed affects tons of non-wealthy residents. For example, google tells me:

"Median annual Westchester County tax bill: $12,812, $10,412 higher than the national median property tax bill of $2,400."