SUFFERN, N.Y.—President Donald Trump highlighted a tax deduction enacted in his signature law last year at a campaign event for Rep. Mike Lawler (R-N.Y.) in New York’s Hudson Valley on May 22. The president highlighted the quadrupling of the state and local tax deduction (SALT) under the One Bill Beautiful Bill Act. It allows taxpayers to deduct taxes paid to state and local taxes from their federal tax bill. The deduction is aimed at residents of high-tax states like New York. “Your typical homeowner loses over $15,000 each year alone because of your state taxes,” Trump said at Rockland Community College. “They’re going to cut your state taxes in half, and more than half.”...