House Democrats have proposed increasing the federal deduction for state and local taxes to $72,500 from $10,000, according to a draft of the bill released by the Rules Committee, and the new limit would apply through 2031.
The $10,000 SALT cap has become a bargaining chip in the Democrats’ $1.75 trillion spending plan among certain lawmakers from high-tax states such as New York and New Jersey.
Another proposal, a five-year repeal from 2021 through 2025 with a reinstatement from 2026 through 2031, has received pushback from lawmakers on both sides of the aisle, including Sen. Bernie Sanders, I-Vt.
More from Personal Finance: Here’s how Biden’s Build Back Better framework would tax the rich Paid-leave advocates slam exclusion of policy from social spending bill Enhanced child tax credit will continue for 1 more year, per Democrat plan
“At a time of massive income and wealth inequality, the last thing we should be doing is giving more tax breaks to the very rich,” Sanders said in a statement.
“Democrats campaigned and won on an agenda that demands that the very wealthy finally pay their fair share, not one that gives them more tax breaks,” he said.
But Sanders is open to a compromise that “protects the middle class in high-tax states,” such as a SALT deduction cap repeal for those under a certain income threshold. watch now VIDEO02:25 Why repealing SALT could create a windfall for the wealthy
Sen. Bob Menendez, D-N.J., has also called out the plan in a tweet, saying “SALT proposals like five years off, five years on are gimmicks and would mostly benefit millionaires at the expense of middle-class families.”
However, 80% of the benefit from the new proposal may still flow to those earning more than $200,000, according to a Tax Foundation analysis, and those making between $250,000 to $1 million may receive the biggest tax break.
这个salt cap本来就是茶党那几个sb加进去得，2018年直接导致输了至少20席。其实你想想这tmd能多收多少税么 【 在 dawangzi (大王子*催贝卡) 的大作中提到: 】 : https://www.cnbc.com/2021/11/03/house-democrats-propose-increasing-salt- cap- : to-72500-through-2031.html : 猪党这是良心发现了？ : House Democrats have proposed increasing the federal deduction for state and : local taxes to $72,500 from $10,000, according to a draft of the bill : released by the Rules Committee, and the new limit would apply through 2031. : The $10,000 SALT cap has become a bargaining chip in the Democrats’ $1.75 : trillion spending plan among certain lawmakers from high-tax states such as : New York and New Jersey. : Another proposal, a five-year repeal from 2021 through 2025 with a : ...................
猪党这是良心发现了？
House Democrats have proposed increasing the federal deduction for state and local taxes to $72,500 from $10,000, according to a draft of the bill
released by the Rules Committee, and the new limit would apply through 2031.
The $10,000 SALT cap has become a bargaining chip in the Democrats’ $1.75
trillion spending plan among certain lawmakers from high-tax states such as New York and New Jersey.
Another proposal, a five-year repeal from 2021 through 2025 with a
reinstatement from 2026 through 2031, has received pushback from lawmakers
on both sides of the aisle, including Sen. Bernie Sanders, I-Vt.
More from Personal Finance:
Here’s how Biden’s Build Back Better framework would tax the rich
Paid-leave advocates slam exclusion of policy from social spending bill
Enhanced child tax credit will continue for 1 more year, per Democrat plan
“At a time of massive income and wealth inequality, the last thing we
should be doing is giving more tax breaks to the very rich,” Sanders said
in a statement.
“Democrats campaigned and won on an agenda that demands that the very
wealthy finally pay their fair share, not one that gives them more tax
breaks,” he said.
But Sanders is open to a compromise that “protects the middle class in high-tax states,” such as a SALT deduction cap repeal for those under a certain income threshold.
watch now
VIDEO02:25
Why repealing SALT could create a windfall for the wealthy
Sen. Bob Menendez, D-N.J., has also called out the plan in a tweet, saying
“SALT proposals like five years off, five years on are gimmicks and would
mostly benefit millionaires at the expense of middle-class families.”
However, 80% of the benefit from the new proposal may still flow to those
earning more than $200,000, according to a Tax Foundation analysis, and
those making between $250,000 to $1 million may receive the biggest tax
break.
这个salt cap本来就是茶党那几个sb加进去得，2018年直接导致输了至少20席。其实你想想这tmd能多收多少税么
【 在 dawangzi (大王子*催贝卡) 的大作中提到: 】
: https://www.cnbc.com/2021/11/03/house-democrats-propose-increasing-salt-
cap-
: to-72500-through-2031.html
: 猪党这是良心发现了？
: House Democrats have proposed increasing the federal deduction for state
and
: local taxes to $72,500 from $10,000, according to a draft of the bill
: released by the Rules Committee, and the new limit would apply through
2031.
: The $10,000 SALT cap has become a bargaining chip in the Democrats’ $1.75
: trillion spending plan among certain lawmakers from high-tax states such
as
: New York and New Jersey.
: Another proposal, a five-year repeal from 2021 through 2025 with a
: ...................
蓝州的华人只考虑经济利益 是不可能支持共和党的
NY 的华人 房子损失 50+ 万美元， 当然不支持共和党
笑尿了，你这种这辈子都不知道啥是amt得也来谈salt cap?
【 在 ts78 (ts) 的大作中提到: 】
: 蓝州的华人只考虑经济利益 是不可能支持共和党的
: NY 的华人 房子损失 50+ 万美元， 当然不支持共和党
你是个廊庑吧
不知道 共和党打击兰州房价
两党之争 就是兰州红州 经济利益之争
美华数学四则运算这么好， 当然算得清
【 在 daemonself () 的大作中提到: 】
: 笑尿了，你这种这辈子都不知道啥是amt得也来谈salt cap?
no wonder.
可从媒体上搜出来的
都是说猪党propose的。
【 在 daemonself () 的大作中提到: 】
: 这个salt cap本来就是茶党那几个sb加进去得，2018年直接导致输了至少20席。其实你
: 想想这tmd能多收多少税么
: cap-
: and
: 2031.
: as
本来也没人在意蓝州华人啊，选个区长还可能有点用，再大点的就没啥影响力了
【 在 ts78 (ts) 的大作中提到: 】
: 蓝州的华人只考虑经济利益 是不可能支持共和党的
: NY 的华人 房子损失 50+ 万美元， 当然不支持共和党