Tax deductions

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 $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.

In a private meeting, Trump singled out the lawmakers from New York, New Jersey and California who have rejected the $30,000 deduction limit.

The U.S. Government Accountability Office created a list of questions for policymakers' oversight of the energy tax expenditures in the 2022 Inflation Reduction Act.

The American Institute of CPAs is asking accountants to call on congressional representatives to stop "unfair targeting" of pass-throughs like CPA firms.

Rep. Nicole Malliotakis said there's an "opportunity" to grow the $30,000 state and local tax deduction cap offered by House GOP leaders in negotiations.

Rep. Jason Smith said lawmakers from high-tax states should support the $30,000 limit his committee put on the state and local tax deduction.