Watchdog: Nearly 11 million taxpayers may be subject to limit on key deduction | WHAT REALLY HAPPENED

Watchdog: Nearly 11 million taxpayers may be subject to limit on key deduction

Nearly 11 million taxpayers may be subject to the limits on the state and local tax (SALT) deduction in President Trump's tax law, a Treasury Department watchdog estimated in a report released Tuesday.

The Treasury Inspector General for Tax Administration (TIGTA) estimated that if the $10,000 cap on the deduction had been in place in 2017, roughly 10.9 million taxpayers would have been unable to deduct about $323 billion in state and local tax payments on their federal tax forms.

TIGTA said that its estimate is based on examining 2017 tax filings whose itemized deductions exceed the standard deduction amount under the new tax law and identifying the number of returns that claimed more than $10,000 in SALT deductions.

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