"Tax Overhaul: How Millions Could Get Bigger Refunds Under Bipartisan Bill"

A proposed overhaul of the Trump-era tax law could potentially double the state and local tax (SALT) deduction cap to $20,000 for married couples, resulting in bigger tax refunds for millions of Americans. The change, retroactive for the 2023 tax year, aims to address concerns about the $10,000 cap disproportionately affecting middle-class homeowners in high-tax states. The proposed law, called the SALT Marriage Penalty Elimination Act, is expected to be voted on in the House next week and would apply to joint returns for couples with adjusted gross income below $500,000 in 2023.