WASHINGTON - The Supreme Court on Monday rejected a challenge from Connecticut, Maryland, New Jersey and New York to the 2017 tax law that capped federal tax deductions for state and local taxes.
The lawsuit had previously been dismissed by lower courts. It argued that the Republican-led tax law, signed by then-President Donald Trump, unfairly singled out states in which Democrats predominate.
The law caps a deduction for state and local taxes, known as SALT, at $10,000.
The lawsuit claimed that lawmakers crafted the provision to target Democratic states, interfering with the states' constitutionally granted taxing authority.
Legislation to raise the cap has passed the House but not the Senate.
Mississippi River Cities Anxious For Federal Dollars To Address Flooding
Matthew Friedson Joins Risk Strategies as Managing Director, National Life Insurance Practice Leader
Advisor News
- The 3 things that shrink your Social Security income
- Proposed legislation takes aim at Social Security shortfall
- The overlooked retirement security risk that must be addressed
- What advisors should know about hedge funds in retirement planning
- Retirement control is top success measure for middle class, ACLI says
More Advisor NewsAnnuity News
- Built-in guaranteed annuities: What advisors should know
- Malibu Life Holdings Completes Acquisition of TruSpire, Establishing Malibu USA and Accelerating Entry into the U.S. Retail Annuity Market
- Why job boards are failing insurance agencies
- MassMutual Ranks No. 100 on the 2026 Fortune 500® List
- What’s fueling record annuity growth?
More Annuity NewsHealth/Employee Benefits News
- The Data Is out on GOP Budget Bill: Rural Americans Are Losing Health Insurance Coverage
- Editorial: Americans losing health coverage
- New state budget helps 200K Virginians afford health insurance
- Banning secret hospital contract terms could cut health premiums 6.5%
- Stride Joins Integrity to Transform Nation’s Individual Marketplace of Expanding Healthcare Benefits
More Health/Employee Benefits NewsLife Insurance News
- Best's Review Leaders Issue Ranks Top Global Brokers and More
- Fortitude Re Announces $3.8 Billion Long-Term Care Reinsurance Agreement with Unum Group
- Unum Group Announces $3.8 Billion Long-Term Care Reinsurance Transaction with Fortitude Re
- Before you debate premium financing, understand the bigger picture
- NAIFA praises House committee approval of Clarity for Compensation Act
More Life Insurance News