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LI Reps vow fight after Senate committee recommends sticking with $10,000 cap on SALT deduction
The proposal calls for "permanently" extending the $10,000 cap on so-called SALT deductions, first passed by Congress in 2017 and signed into law by President Donald Trump during his first term. Before 2017, there was no limit on the amount of state and local tax deductions a homeowner could write off when filing their federal income taxes.
The Senate needs 51 votes to pass the bill, which has already sparked opposition from moderate and conservative Republicans.
US businesses and wealthy universities scored major wins in the Senate Republicans’ version of President Donald Trump’s tax ...
Blue state Republican reps railed against rumored Senate plans to lower the state and local tax deduction (SALT) cap back down from the House-negotiated level of $40,000 back down to $10,000, its ...
Blue state House Republicans warn Senate GOP against removing SALT deduction increase from tax bill, with Rep. Mike Lawler ...
The SALT cap has been perhaps the most vexing policy consideration for the Senate’s GOP tax writers. The current $10,000 SALT ...
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