SALT deduction

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.

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.

Increasing funding for the IRS enforcement efforts could yield enough to pay for reinstating the full deduction.

Democratic and Republican House members are forming a bipartisan group to push for a repeal of the $10,000 cap on state and local tax deductions, demonstrating a broadening campaign to restore a valuable tax break.

Seventeen Democrats told House Speaker Nancy Pelosi they would be ready to oppose any tax legislation that doesn't restore the break.

Democratic governors from seven states, including New York, New Jersey and California, wrote to President Joe Biden urging him to remove the cap on state and local tax deductions enacted by Donald Trump.

President Joe Biden laid out what he called a “bold” plan to rebuild U.S. infrastructure, but now needs an equally ambitious effort to wrangle it through Congress in the face of Republican opposition and criticism from within his Democratic Party.

The Treasury Secretary said the limitation on state and local tax write-offs causes 'disparate treatment' across taxpayers.

Democrats will likely prove successful in raising individual income tax rates and in strengthening audits of wealthy Americans as they work on overhauling the U.S. Tax Code in coming months.

Some business owners can get hurt by workarounds to the $10,000 limit for state and local tax deductions.