Senate Minority Leader Chuck Schumer, D-N.Y., wasted little time on Wednesday before going after blue state Republicans for making a deal to raise the state and local tax deduction.

Republicans from New York, California, and New Jersey agreed to raise the SALT deduction from $10,000 to $40,000 per year. The cap was implemented in 2017 as part of the tax cuts passed in the first Trump administration.

The $40,000 SALT limit will phase out for annual incomes greater than $500,000, and the cap is the same for both individual taxpayers and married couples filing jointly. The income threshold and the $40,000 figure would grow at 1% annually.

Read more at Newsmax© 2025 Newsmax. All rights reserved.