Rep. Mike Johnson (R-LA) has been sworn in as the 56th speaker of the U.S. House of Representatives. Notably, Johnson has agreed to address state and local tax (SALT) relief in a potential year-end tax package. A group of House Republicans, along with their House Democratic counterparts, have been working to undo a Tax Cuts and Jobs Act provision that currently caps the amount taxpayers can deduct for SALT from their federal income taxes at $10,000. However, the question remains whether the House has time left before year end to introduce and pass any such legislation. Their first big hurdle is to pass another continuing resolution to keep the government open beyond Nov. 17. Stay tuned.
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