The Democratic-controlled House approved legislation Thursday to suspend for two years the $10,000 cap on state and local tax deductions that came with President Donald Trump’s massive 2017 tax law. The deductions are widely popular, especially in high-tax, heavily Democratic states like New York, New
1 / 2APTOPIX Trump ImpeachmentThe U.S. Capitol building, center, is seen next to the bottom part of the Washington Monument, left, before sunrise on Capitol Hill in Washington, Thursday, Dec. 19, 2019, a day after the U.S. House voted to impeach President Donald Trump on two charges, abuse of power and obstructing Congress. WASHINGTON — Jersey and California.
Under the proposal, the lost revenue would be paid for by hiking the top individual income tax rate to nearly 40% for six years from the current 37%. The legislation would cost $42 billion in reduced tax revenue from 2020 to 2024, the Congressional Budget Office has estimated. The cap on the SALT deduction limits to $10,000 the total amount of property taxes or state or local taxes that consumers can deduct on their federal returns. Democratic candidates in suburban districts in high-tax states had campaigned last year on eliminating the cap on state and local deductions.
The SALT cap was imposed in 2017 to help pay for the sweeping package of individual and corporate tax cuts that the Republicans muscled through Congress. The Republican-written tax law gave Trump his signature legislative achievement.
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