Senate, SALT cap and tax deductions
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US businesses and wealthy universities scored major wins in the Senate Republicans’ version of President Donald Trump’s tax bill, while low-income Americans and clean energy providers are poised to be hit the hardest.
Blue state House Republicans warn Senate GOP against removing SALT deduction increase from tax bill, with Rep. Mike Lawler declaring any such move 'dead on arrival' as negotiations continue.
The proposal calls for "permanently" extending the $10,000 cap on so-called SALT deductions, first passed by Congress in 2017 and signed into law by President Donald Trump during his first term. Before 2017, there was no limit on the amount of state and local tax deductions a homeowner could write off when filing their federal income taxes.
The Senate needs 51 votes to pass the bill, which has already sparked opposition from moderate and conservative Republicans.
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