Republicans Eye $25,000 SALT Cap as Trump's Tax Cuts Take Shape
Source: Bloomberg
April 1, 2025 at 4:21 PM EDT
Republicans are in the process of drafting a tax bill behind closed doors that includes an increase of the state and local tax deduction to as high as $25,000 for an individual, according to people familiar with the plan.
A sizable increase to the current $10,000 limit on SALT write-offs would represent a major political victory for a crucial group of swing-district House Republicans representing the New York City area and southern California, who have made their votes for a broader tax cut bill contingent upon securing a bigger deduction.
The plan, which is still in the process of being drafted and is not final, also includes a renewal of President Donald Trump’s 2017 tax reductions for individuals and closely held businesses as well as some of his campaign tax pledges, the people said, requesting anonymity to discuss private matters.
Republicans are considering offsetting the increase to the SALT cap by reducing the deductions corporations can claim on the state and local taxes they pay, the people said.
Read more: https://www.bloomberg.com/news/articles/2025-04-01/republicans-eye-25-000-salt-cap-as-trump-s-tax-cuts-take-shape
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Whoa, whoa, let me stop you right there Bloomberg, to just quickly say:
Uh-huh. Sure they are.
