The U.S. House passed The One, Big, Beautiful Bill in May. Senate Republicans are currently debating their version of the tax and spending bill. With slim majorities in both the House and Senate, Republicans can’t afford to lose too many votes. So, what provisions of the bill are proving to be sticking points? One major issue is the state and local tax (SALT) cap. The bill increases the cap from $10,000 to $40,000 for those making under $500,000. House Republicans from high-tax states, such as New York and California, insist the Senate bill leave the cap increase intact. However, some Senate Republicans looking to reduce the bill’s overall cost want the cap to stay at $10,000. Stay tuned.
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