The main beneficiaries of the repeal – worth about $97 billion a year – are wealthy Americans who are among the top 1% of annual tax filers, according to a recent study by the Institute for Taxation and Economic Policy in Washington, D.C.
Those 1.6 million filers, who earn more than $644,000 a year, would receive 62% of the benefits – an average of $38,000 for each of them. With such high incomes, they pay substantially more in state income taxes, and many New Yorkers in the top 1% own homes with property tax bills that exceed $40,000.
The next highest 4% of filers – those making between $263,000 and $644,000 – would receive the 24% of SALT savings. That’s an average of $3,660 for 6.3 million filers.