Latest news with #SALTtax
Reuters
4 days ago
- Business
- Reuters
Is spring still the best time to buy or sell a home?
NEW YORK, May 30 - This was originally published in the On The Money newsletter, where we share U.S. personal finance tips and insights every other week. Sign up here to receive it for free. Spring traditionally is considered the buying and selling season for the housing market. But there has been a bit of a vibe shift. U.S. homeowners and prospective buyers are feeling uneasy, a new Bank of America survey shows, as rising mortgage rates deter buyers. Of the 2,000 respondents to BofA's poll, 60% said they could not tell whether it was a good time to buy a home, according to the report published by the nation's second-largest lender. That is up from 57% last year and 48% in 2023. Economic uncertainty is not stopping everyone from buying new homes: Sales of new U.S. single-family homes surged to more than a three-year high in April, as builders lowered prices to attract buyers. But new housing inventory is still near levels last seen in 2007. New homes are not exactly cheap, either. The median new house price was $407,200 in April. Another interesting tidbit is that new homes are getting smaller. So why aren't they more affordable, opens new tab? If you're buying a home, selling a home or wondering what to do now, I want to hear from you. Tell me about your experience. Write to me at What the current SALT tax proposal means for you I've been especially interested in tax legislation working its way through Congress, especially because the Republican-led U.S. House of Representatives passed a bill last week that would allow a deduction of up to $40,000 on federal returns for state and local taxes, known as SALT. A previous version of the bill had a cap of $30,000. If passed by the Senate, the new expanded SALT cap would benefit millions of big earners in high-tax states, including New York (where I live), New Jersey, Pennsylvania (where my parents live), Maryland, Oregon and California. Of course, bills tend to morph and change in the legislative process. As Donald Trump's so-called 'big, beautiful bill' winds its way through the Senate, it could end up looking very different. Follow the latest news here. And let me know if you stand to benefit from an expanded SALT deduction. Write to me at Read, watch and listen What's behind these big stock swings? JetBlue, United tie up to let passengers book on both websites Humanoid labor: Behind the global race for robot supremacy How the student-loan crisis will show up in the economy, opens new tab (WSJ) Trump administration axes Biden-era barrier for crypto in 401(k) plans, opens new tab (CNBC) Why Amazon's in-car software deal with Stellantis fizzled Retirees, get ready to need long-term care. Here's what to know, opens new tab (NYT) Five things I learned reading Reuters this week How do you stay informed about climate change? Reuters is surveying readers like you to find out how you get your news about climate change, and what your concerns are around the topic. It took me less than two minutes to take the survey, andyou can do so here, opens new tab.
Bloomberg
15-05-2025
- Business
- Bloomberg
GOP Trying to 'Strike Balance' on SALT Cap: Rep. Mackenzie
Ryan Mackenzie, Republican Congressman from Pennsylvania, talks ongoing negotiations around the SALT tax and the dueling timelines on extending the Trump tax policy and raising the debt ceiling. (Source: Bloomberg)
