The Sacramento Bee: Rich Californians have most to gain if Congress lifts cap on local tax deductions, report says

State residents earning more than $992,800, California’s wealthiest 1%, could see an average savings of $98,650 in 2022, according to data from the Institute on Taxation and Economic Policy, a Washington-based economic analysis firm.

Overall, Californians would save $33.4 billion next year if the SALT limits are lifted—with $17.4 billion of that going to people who make the state’s top 1% of incomes. Another $14.4 billion would go to the rest of the richest 20%, people earning between $151,100 and $992,800. Read more