President Donald Trump said he’d consider changes to a cap on the federal deduction for state and local taxes, one of the most divisive provisions of the 2017 Republican tax overhaul.
Trump told regional newspaper reporters in response to a question Wednesday that he’s “open to talking about” revisions to the so-called SALT cap, which limits to $10,000 the amount of state and local levies, including property taxes, that taxpayers can deduct each year on their federal returns.
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Despite Trump’s remarks, the idea appeared to be dead already on Capitol Hill.
Senate Finance Committee Chairman Charles Grassley, via a spokesman, shot down the idea of altering the SALT cap.
“It’s ironic that the same Democrats who criticized the Tax Cuts and Jobs Act for supposedly benefiting only the wealthy are now advocating for a change to the law that would primarily benefit the wealthy,” Grassley spokesman Michael Zona said in a statement.
My bold.
Liz Warren will be running around doing opposite day for a year, as she is likely a supporter. The whole story about this being a red/blue thing is horse manure, this is all about wealthy liberal;s ditching on their promises.
Here is what we want to do in California. Every wealthy liberal who supports the California system system can be taxed as necessary to pay for the system. Leave property taxes out of it, go straight for the jugular and see if wealthy liberals enjoy their third for fourth wealth tax in a decade.
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