SALT-Cap Proposal Is Floated for Two Years Off and Four Years On
- Democrats float keeping cap from 2024 to 2027 after suspension
- Party is looking to cut costs from Biden economic agenda
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House Democrats are getting more creative in their ideas to squeeze the state and local tax deduction into President Joe Biden’s economic agenda as lawmakers face increasing pressure to cut billions of dollars from a social-spending bill.
Under current law, the SALT deduction’s $10,000 limit -- enacted in 2017 to help pay for Republican tax cuts -- is scheduled to be in place through the end of 2025, reverting to a full tax break in 2026.