The House tax committee is advancing legislation to significantly raise the state and local tax (SALT) deduction cap from $10,000 to $30,000, particularly benefiting those earning $400,000 or less annually. This initiative is part of a broader Republican strategy to make substantial tax cuts while increasing the national debt by trillions. The proposal, facing challenges of unity within the party, also aims to implement $912 billion in spending cuts, including limits on Medicaid, to offset revenue losses from tax reductions.
The draft legislation aims to raise the SALT deduction cap to $30,000 for middle-income earners, as Republicans prioritize tax cuts despite the impact on national debt.
House Speaker Mike Johnson emphasized the need for party unity as the proposed tax reforms aim to slash over $4 trillion in taxes and raise borrowing limits.
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