Even though the U.S. House Ways and Means Committee has approved a $3.8 trillion budget reconciliation bill, unresolved issues remain. Legislators who comprise the so-called SALT caucus, including Republicans from New York and California, aim to either raise or eliminate the current $10,000 cap on deducting state and local taxes. Some of these lawmakers claim the proposed bill’s cap of $30,000 (with an income threshold of $400,000) is inadequate. They’re criticizing Ways and Means Chair Jason Smith (R-MO) and Speaker Mike Johnson (R-LA) for including the $30,000 proposal because they say House leadership had suggested it would be willing to negotiate a higher cap. Stay tuned.
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