House Democrats pass package with $80,000 SALT cap through 2030
House Democrats on Friday approved their $1.75 trillion spending packageTemporary increase in the Federal Deduction for State and Local Taxes, also known as SALT.
It would raise the limit from $20,000 to $80,000 in 2021 to 2030 and then drop it back down to $10,000 by 2031. The $10,000 current cap expires in 2025 without changes.
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Opponents argue that the measure will be a “write-off” for those with higher incomes.
“The House’s current version of SALT grants millionaires millions in cash while those who earn less than $100,000 per annum get $20.” tweetedRep. Jared Golden of Maine voted no to the bill.
It is possible that the provision will be changed in Senate. The top Democrats are currently exploring other forms SALT deduction relief.
“In her remarks, Nancy Pelosi (House Speaker) said that it’s not all about tax cuts for rich people. weekly press conference. “It is about American citizens receiving services.”