Bill > S3178

This bill aims to restore tax fairness for states and localities by modifying the limitation on the deduction of state and local taxes (SALT). The key provisions are: 1. In 2019, it increases the SALT deduction cap from $10,000 to $20,000 for joint filers with adjusted gross income (AGI) up to $100 million. 2. In 2020 and 2021, it eliminates the current $10,000 cap on the SALT deduction, except for taxpayers with AGI exceeding $100 million. 3. It increases the top marginal individual income tax rate from 37% to 39.6% starting in 2020 and reduces the income thresholds at which this higher rate applies. 4. It increases the deduction for certain expenses of elementary and secondary school teachers from $250 to $1,000. 5. It allows an above-the-line deduction of up to $1,000 for certain expenses of first responders, such as professional development and uniforms.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/3178/all-info