State and local tax deductibility was capped in the 2018 federal tax law changes causing high tax states to look for ways to get around parts of the new law. The IRS has now ruled against the state’s efforts to circumvent the cap causing some in congress to start pushing for a repeal of the SALT (state and local tax) cap. Cordasco Financial Network CPA Jim Tate joins me to discuss the dollars and cents of this and the unlikely position some politicians find themselves in by supporting the elimination of the SALT cap.

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