Speaker Johnson states that all options are being considered as GOP members from blue states advocate for an increase in the SALT deduction cap.
WASHINGTON – Republicans are feeling the pressure on Capitol Hill. On Thursday, House Speaker Mike Johnson (R-La.) mentioned he was adjusting various “dials” related to potential tax credits for blue states as part of President Trump’s ambitious bill. “Not everyone will be thrilled with every part of a bill like this, but there should be […]
House tax proposal raises SALT deduction limit to $30K, but New York Republicans argue it’s insufficient.
House Republicans are aiming to increase the state and local tax (SALT) credit cap to $30,000 in their effort to pass President Trump’s significant agenda bill, a move that has drawn criticism from New York’s Republican lawmakers. The proposal, shared by the House Ways and Means Committee and reported on Monday, seeks to raise the […]
House tax writers consider SALT deduction limit dismissed by important lawmakers last week
The House Ways and Means Committee is exploring a plan to raise the state and local tax (SALT) deduction limits for single and joint filers earning less than $400,000 annually. This comes despite significant opposition from key lawmakers just last week. Four sources revealed that this concept was brought up during a meeting on Monday […]
Cannot Support States Like Mine with High SALT Deduction
During a broadcast of “The Record” on Newsmax TV this past Friday, Representative Darin Lahood (R-IL) expressed his reservations about assisting high-tax states such as New York, California, Connecticut, New Jersey, Illinois, and even his own hometown. Lahood mentioned, “We need to exert pressure on President Trump regarding this matter. Many fiscal conservatives in the […]
SALT caucus turns down proposal for $30,000 deduction limit from tax committee
A group of moderate House Republicans has decided to reject the GOP leadership’s proposal, which aims to increase the state and local tax (SALT) deduction cap to $30,000 as part of a broader bill that includes key legislative priorities from Trump. The House Ways and Means Committee, responsible for the tax aspects of this GOP […]
If you want a recession, eliminate this business deduction and be patient.
When Donald Trump became president in January, there was a consensus among his advisors about the urgent need to revisit the 2017 Tax Cuts and Jobs Act. Without intervention, a looming 22% tax increase could negate much of the financial progress made over the past decade. Continuing tax reforms offers businesses and investors the kind […]
Five Republican Governors from Blue States Stand Firm on State and Local Tax Deduction During Budget Dispute
Five Republican lawmakers from traditionally Democratic states are pushing for an increase in state and local tax credits as part of Trump’s proposed legislation. Representatives Andrew Garbarino (R-NY), Nick Larota (R-NY), Mike Roller (R-NY), Young Kim (R-CA), and Tom Keene Jr. (R-NJ) are advocating for higher federal deductions for state and local taxes, often referred […]
ATO cautions about ‘immediate’ $1,000 deduction due to tax rule updates – Yahoo
Australian taxpayers have been advised to keep their receipts for work-related purchases, even though there’s a new proposal that could allow for up to a $1,000 automatic deduction without needing any documentation. Prime Minister Anthony Albanese’s plan aims to simplify tax processes, raising the current deduction limit of $300 significantly. While this could streamline things, […]
Malliotakis challenges Dems to work with GOP on SALT deduction after Trump pledge as NY taxed ‘to death’
Representative Nicole Malliotakis accused House Republicans of overtaxing New Yorkers in the first place and called on Democrats to help expand state and local tax credits. Malliotakis (R-N.Y.), a member of the House Ways and Means Committee that crafts tax law, was among the Republicans who met with President-elect Donald Trump at Mar-a-Lago on Saturday […]
What is the SALT cap? What to know about Trump's proposed tax deduction change – Daily Mail
President-elect Donald Trump is reportedly open to raising the cap on SALT, a provision of the tax code that overwhelmingly disadvantages wealthy people in blue states. Prior to the Tax Cuts and Jobs Act signed into law by President Trump in 2017, the SALT deduction allowed taxpayers to itemize their deductions and subtract the amount […]