Republican lawmakers from high-tax states like New York and New Jersey are pushing for a significant increase in the state and local tax (SALT) deduction cap, arguing that the current limit is no longer adequate in light of rising living costs.
Republican lawmakers from high-tax states like New York and New Jersey are pushing for a significant increase in the state and local tax (SALT) deduction cap. This cap, currently set at $10,000 for individuals and married couples due to the 2017 Tax Cuts and Jobs Act, has been a source of frustration for residents in these states who face high property and income taxes.
As the incoming administration works on crafting portions of the tax bill, these Republican lawmakers are actively engaged in discussions on Capitol Hill to find relief for working- and middle-class families in their states. They are exploring various options, including potentially doubling or even increasing the cap tenfold to $100,000 for individuals or $200,000 for married couples. The rationale behind this push is that the cost of living has risen significantly since the cap was implemented, and the current limit does not adequately reflect the financial burden faced by taxpayers in these high-tax states.Some lawmakers, such as Rep. Mike Lawler from Rockland County, have introduced legislation to lift the cap entirely. Others, like Rep. Andrew Garbarino, co-chair of the bipartisan SALT caucus in the House, also support eliminating the cap. However, the debate is not without its opposition, with some fiscal conservatives arguing that the SALT deduction is an inefficient subsidy for high-tax states and that the focus should be on cutting the top marginal tax rate instead. The final outcome of this debate will likely hinge on the analysis provided by the Joint Committee on Taxation and the Congressional Budget Office (CBO), as well as the political dynamics within the Republican party and the overall legislative agenda
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