Latest news with #stateandlocaltax
Bloomberg
7 hours ago
- Business
- Bloomberg
Senate GOP to Offer $40,000 SALT Cap With Lower Income Threshold
Senate Republicans are coming around to the $40,000 cap on state and local tax deduction key House lawmakers demand, but they want to lower the income threshold. Senator Markwayne Mullin of Oklahoma, a key negotiator, said he plans to make the offer late Monday to House Republicans from New York, New Jersey and California.
Bloomberg
21-05-2025
- Business
- Bloomberg
Johnson Says Agreement Reached on $40,000 SALT Cap Increase
House Speaker Mike Johnson said Republicans have reached an agreement to increase the state and local tax deduction to $40,000, suggesting a resolution to one of the final issues holding up President Donald Trump's economic bill. 'That is the agreement we came to,' Johnson told CNN Wednesday, in response to a question about raising the deduction cap to $40,000 from $10,000 for a decade.
