Senate SALT Plan Would Fully Lift Cap Within Income Limits
- Sanders said wealthiest could maintain $10,000 deduction
- Menendez says households earning $500,000 may get full SALT
Senator Bernie Sanders
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Senator Bernie Sanders said he is working on a proposal to set an income threshold for an unlimited state and local tax deduction while letting high earners continue to deduct $10,000 from their federal taxes as they can under current law.
“I am working with some of my colleagues to make sure that we come up with a proposal that protects the middle class, but does not end up with an overall reconciliation bill, in which millionaires are better off tax-wise than they were under Trump,” the Budget Committee chair told reporters Tuesday.