Trump's Tax Reforms Could Impact High Earners and Retirement Savings
TL;DR Summary
The article discusses how Trump's new legislation caps the SALT deduction at $40,000, but introduces a 'SALT torpedo' that could result in a 45.5% tax rate for high earners with modified adjusted gross income between $500,000 and $600,000. It offers strategies such as managing income, using ETFs, adjusting retirement contributions, and avoiding large gains to mitigate this impact.
- High earners could face 45.5% ‘SALT torpedo’ under Trump’s ‘big beautiful bill’ — here’s how to avoid it CNBC
- From Coast to Coast, Americans Are Seeing the Benefits of President Trump’s Big Beautiful Bill The White House (.gov)
- The SALT income tax deduction cap was increased to $40,000 in Trump’s bill. Should you take it? The Boston Globe
- Point/Counterpoint" 'Big beautiful bill promises to rob the working class Duluth News Tribune
- Tucked into the new reconciliation bill are tax changes that could reshape how you save for retirement Federal News Network
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
2 min
vs 3 min read
Condensed
89%
531 → 58 words
Want the full story? Read the original article
Read on CNBC