Tax deductions

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.

President Trump's economic package took a major step toward becoming law when a House committee approved trillions in new tax cuts on a party-line vote.

The House Ways and Means Committee held a hearing to mark up the "one, big beautiful bill" extending expiring provisions of the TCJA and adding other tax breaks.

GOP leaders proposed a $30,000 cap on the federal income tax deduction for state and local taxes.

The debate over state and local tax deductions has been a thorny fight because it's a political priority for a small but vocal group of Republicans.

Democratic Rep. Gwen Moore introduced legislation to expand the Section 199A Qualified Business Income deduction for the smallest businesses.

The state and local tax issue has been one of the most contentious for the House GOP to resolve.

Lawmakers have separately discussed eliminating a tax deduction for pharmaceutical advertising.

Jason Smith said he will to strike a balance between those who want no limit on the state and local tax deduction and those who want no write-off at all.

A pair of bills would coordinate Pell Grants with the AOTC, and provide a tax deduction for overtime pay.

Key House Republicans discussed ways to direct an expanded state and local tax deduction to those making less than $400,000.

Republican lawmakers pushing for the expansion of the state and local tax deduction are slated to meet with House Speaker Mike Johnson about the $10,000 cap.

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

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

Donor-advised funds are continuing to grow while enjoying substantial tax deductions -- even as many contributions go to other DAFs.