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Attempt to Ban SALT Weakened by Strong Data

June 10, 2019

It was always a long shot, but a quixotic lawsuit by four northeastern states to squelch the Trump tax law's cap on state and local tax deductions is being undermined by a repetitive drip of strong economic data. New York, Connecticut, Maryland and New Jersey will get their first hearing in June on a last-gasp attempt to kill one of the most controversial provisions of the 2017 tax law. To do so, their attorneys general are relying on early-1900s news clippings and Civil War-era congressional debate over whether to even have an income tax. Read more at InvestmentNews.