Reported 1 day ago
House Republicans are contemplating revising the state and local tax (SALT) deduction to specifically benefit taxpayers earning less than $400,000, addressing both fiscal concerns and political pressures from representatives in high-tax states like New York. Discussions continue over the cap levels and potential income limits for the deduction, as lawmakers aim to ensure it serves the middle class without imposing excessive burdens on those in expensive areas. The outcome remains uncertain as the Ways and Means Committee is set to reconvene on this issue.
Source: YAHOO