Reported 1 day ago
House Ways and Means Committee Chairman Jason Smith warned lawmakers from high-tax states that they should prepare for an 'unhappy' compromise regarding the $10,000 cap on the state and local tax deduction (SALT). Although there may be an increase in the cap, a solution that satisfies both sides seems unlikely, with discussions suggesting a potential doubling of the cap. However, substantial increases advocated by some lawmakers could hinder Congress's ability to pass other tax measures.
Source: YAHOO