SALT Cap Confounds House Democrats Crafting Taxes for Biden Plan
- New York’s Suozzi leading effort to scrap $10,000 limit
- Full repeal would be expensive, opposed by progressives
Tom Suozzi speaks during a news conference announcing the State and Local Taxes Caucus outside the U.S. Capitol on April 15.
Photographer: Sarah Silbiger/BloombergThis article is for subscribers only.
House Democrats continue to search for a way to satisfy lawmakers who want to scrap the deduction limit on state and local taxes without losing progressives wary of a tax cut that would overwhelmingly benefit the wealthy.
The budget blueprint Democrats passed this summer instructs lawmakers to include some form of SALT cap relief in a tax-and-spend plan of up to $3.5 trillion.