Death and taxes have long been regarded as life’s certainties. Maybe add lawsuits. And politics.
The new $10,000 cap on the deductions federal income tax payers can take for their state and local taxes — knowns as the “SALT” deduction — was adopted to help offset the fiscal impact of the tax cuts passed by Republican majorities in Congress in December 2017. Now Connecticut has joined a lawsuit challenging the cap on deductions as unfair to a coalition of states where taxes, real estate values and the cost of living are relatively high.