SALT deduction

Congress will be drafting its multitrillion tax cut proposal in the coming weeks, almost certainly reflecting the priorities of a small minority of constituents.

Republicans in the White House, Senate and House are drafting analyses on how best to craft a new tax bracket for the wealthiest Americans.

Rep. Jeff Van Drew thinks House Republicans will end up approving a $30,000 cap on the state and local tax deduction.

A sizable increase to the current $10,000 limit on SALT write-offs would represent a major victory for a crucial group of swing-district House Republicans.

Congressional Republicans returning to Washington on Monday will tackle their toughest test yet, negotiating a massive tax bill package.

President Donald Trump outlined his tax priorities in a meeting with Republican lawmakers, including expanding the state and local tax deduction.

House Republicans are in talks over raising the cap for state and local tax deductions after winning pledges to include it in a must-pass tax bill this year.

The mood in markets and the financial situation are starkly different from 2017, when Trump and congressional Republicans passed a deficit-expanding tax cut.

Trump has expressed interest in reviewing options for adjusting the cap on the state and local tax deduction but is not currently advocating for a specific fix.