There's been much talk from advocates of the State and local tax (SALT) limitation on tax deductibility. The current GOP plan limits the SALT itemized deduction to $10K. That seemingly denies some measure of the SALT deduction folks take for their million-dollar-plus homes. Well, it doesn't really work out that that is the case. The GOP tax bill (post committee), based on what my tax planner/advisor tells me, has a tiny exception that results in a huge "no difference from before" loophole. The exception allows for the full deductibility (no ceiling) for SALT paid or accrued in carrying on a trade or a business ... [or on expenses related to] production of income. What does that mean? It means that if one earns one's income via an S-corp, partnership or sole proprietorship, one can deduct the entirety of SALT paid. To whom does that apply? It applies to a ton of people; pass-through entities are the most common form of business entity. If you are a partner in a firm, it applies to you. If you are a sole proprietor, it applies to you. If you are part owner in an S-corp, it applies to you. If you are like most such business owners, at the very least you live in a home and own business property for which the property taxes greatly exceed $10K/year. If you're doing fairly well, you own a second or third home, which surely puts your SALT payments above $10K. Well, worry not, you aren't going to lose that deduction. Some of you may recall Trump asserting that the GOP plan was going to "cost [him] a fortune, believe me, believe me." Notwithstanding that he's not identified specifically what provisions of it are going to cost him anything, much less a lot, one can be sure that the SALT provision isn't among those that will increase his tax liability. FWIW, neither will dropping the pass-through marginal tax rate to 20%. Currently, people in Trump's assumed income bracket are subject to a marginal tax rate of 39.6%. Of course, one need not have anywhere near as apparently high a taxable income as Trump to be in the 39.6% bracket. Barely rich folks who have taxable incomes of $500K or so also are in that bracket.