SALT deduction

One suggested that a two-year repeal of the $10,000 cap will be the final solution.

The specific tax hikes remain to be detailed, as does any move to suspend or expand a $10,000 SALT cap.

Democrat legislators are attempting to move forward with the next step needed to pass President Biden’s economic agenda.

High-earning taxpayers would face much smaller tax hikes — or even cuts — if Democrats decide to restore the federal deduction for state and local taxes in legislation that’s now moving through the House.

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes.

The stumbling block is scrapping the deduction limit without losing progressives wary of a tax cut that would overwhelmingly benefit the wealthy.

A CPA and a corporate communications vet are at the forefront of trying to reinstate the state and local tax deduction.

New York City mayoral candidate Eric Adams told a group of House lawmakers that the limit on the state and local tax deduction is harming the city.

Democrats may include at least a partial expansion of the state and local income tax deduction in the $3.5 trillion budget outline that Senate Democrats agreed upon this week.

A rare show of bipartisan unity unfolded Tuesday, with 18 lawmakers making the case for an expansion of the state and local tax deduction.