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President Trump considers change to SALT deduction

The proposed change is DOA on Capitol Hill

President’ Trump (Getty Images)

President Trump said he would consider changes to the tax law capping the State and Local Tax Deduction (SALT Deduction) at $10,000. However, Senate Finance Committee Chairman Chuck Grassley said he opposes such a change, according to Bloomberg.

DOA on Capitol Hill: This component of the tax law generates an estimated $14.3 billion from 1.7 million taxpayers annually. Don’t expect any changes in the near future – the SALT cap runs through the end of 2025.

Heard on the Capitol: Senator Grassley: “It’s ironic that the same Democrats who criticized the Tax Cuts and Jobs Act for supposedly benefiting only the wealthy are now advocating for a change to the law that would primarily benefit the wealthy.”

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