Salt Deduction For 2024. The state and local tax (salt) deduction allows taxpayers who itemize instead of claiming the standard deduction to deduct the value of taxes paid to their state and. The cap on the state and local tax deduction — known as salt — would rise from $10,000 to $20,000 this year for married couples earning up to $500,000.
The salt deduction allows those with the largest tax liability, which are often those with high incomes, to deduct larger amounts and receive greater tax breaks — up. The salt deduction enables certain taxpayers to reduce their federally taxable income by the amount of state and local taxes they paid that year, up to $10,000.