SALT deduction

Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.

The president’s plan for trillions in proposed spending and tax increases is likely to take at least until September to clear.

Representative Tom Suozzi, one of the leaders in Congress behind the push for an expansion of the state and local tax deduction, is considering proposing a one-time wealth tax on the richest Americans.

Contrary to the dire predictions at the time, the massive overhaul of the nation’s Tax Code during Donald Trump’s presidency had a negligible initial impact on the nation’s domestic migration patterns, new data from the Internal Revenue Service show.

Possibly more on stretch IRAs; addressing the gap; the SALT cap and progressive taxation; and other highlights from our favorite tax bloggers.

The president’s decision threatens to complicate congressional negotiations over his sweeping new social-spending program.

The president is poised to unveil a plan that would raise taxes on the income, investments and estates of the wealthiest Americans to levels not seen in more than four decades.

Democrats are making another push for the Biden administration to include a repeal of the cap on state and local tax deductions in its long-term economic program.

Lawmakers should closely study the impact of the deduction before making changes, the No. 3 House Democrat James Clyburn said.

Trump’s legislative triumph has put President Biden in a bind.