In a recent development on Capitol Hill, House Speaker Mike Johnson indicated that negotiations over the State and Local Tax (SALT) deductions are ongoing as part of a larger tax package. While the current proposal caps deductions at $30,000, discussions are underway to balance potential increases in these deductions with cuts in federal spending. New York Republican representatives expressed discontent with the current limitations, arguing it does not reflect the realities of their tax contributions relative to benefits received from federal government funding. A showdown vote is expected soon.
New Yorkers already send far more to Washington than we get back, unlike many so-called 'low-tax' states that depend heavily on federal largesse.
If you do more on SALT, you have to find more in savings, hinting that the deduction limit could be increased before a scheduled House Budget Committee vote.
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