#high-income-earners

#high-income-earners

The new tax legislation increases the state and local tax (SALT) deduction cap from $10,000 to $40,000, overwhelmingly benefiting wealthy taxpayers in high-tax states.

The bottom 20 percent of households would see their income reduced by 2.9%, or about $885 in 2030, due to cuts and lack of tax savings.

"Figuring out whether or not you have enough money to retire is simply a matter of knowing your expenses and calculating how long your current savings will last."