Is the temporary increase in the CAP from $10,000 to $40,000 going to reduce your taxes?

The SALT CAP deduction from the OBBB has been getting a lot of airtime. Is the temporary increase in the CAP from $10,000 to $40,000 going to reduce your taxes?

The short answer is it depends.

We created this short video to explain who gets a tax break and who does not.

The tax reductions depends on:

Were your SALT taxes under $10,000, if not this bill does almost nothing for you.

Were your SALT taxes over $10,000 and you itemized, the tax reduction depends on your specific number

Was your income over $500,000, that is when the $40,000 starts to be reduced.