The proposed change is DOA on Capitol Hill
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.”