SALT deduction

A $30,000 cap on the state and local tax deduction would be a compromise between current law and the more generous limit in the House's version of the bill.

House Speaker Mike Johnson said he's pressuring Senate Republicans to refrain from changing a deal to increase the state and local tax deduction cap to $40,000.

President Trump told Senate Republicans he is open to a state and local tax deduction cap lower than the $40,000 in the House-passed version of his tax bill.

The deal that led the House to increase the maximum deduction for state and local taxes to $40,000 is not set in stone in the Senate.

The institute is asking lawmakers to change provisions on SALT deductions for pass-through entities, contingency fees for tax prep, and business loss carryforwards.

SALT and the bill; digital taxes worldwide; retaining clients; and other highlights from our favorite tax bloggers.

Here's a rundown of the House bill's main provisions impacting people and businesses.

It would extend Trump's first-term tax cuts due to expire Dec. 31, along with new tax relief including raising the limit on deducting state and local taxes.

President Trump said his massive tax package is close to being finalized, but the White House has yet to win over a faction who want more spending cuts.

The $40,000 SALT limit will phase out for annual incomes greater than $500,000, and the income phaseout threshold would grow 1% a year over a decade.