House Democratic leaders unveiled their latest compromise proposal on state and local tax deductions Wednesday as part of their updated 2,135-page reconciliation package, but once again they were running into opposition from top Senate Democrats.
The revised House bill would lift the current $10,000 cap on "SALT" deductions that's in place through 2025 to $72,500 retroactive to the start of this year, and extend that through 2031. Rep. Tom Malinowski, D-N.J., who worked on the plan with Rep. Katie Porter, D-Calif., said it would be roughly budget neutral.
"It was not going to be sustainable to do SALT in a way that costs hundreds of billions of dollars. And so we devised a way to do it that gives between 96 and 99 percent of my taxpayers in my district the full deduction, but that is also revenue-neutral and stable over 10 years," Malinowski said.
Malinowski's and Porter's plan had support from House progressives, according to Congressional Progressive Caucus Chair Pramila Jayapal, D-Wash. But it wasn't clear other House lawmakers from affected states were ready to sign on, including Rep. Josh Gottheimer, D-N.J., who reserved comment until he'd had a chance to review the measure.
Meanwhile across the Capitol, Senate Budget Chairman Bernie Sanders, I-Vt., and Sen. Bob Menendez, D-N.J., countered with their own plan to keep the $10,000 ceiling in place but exempt households making up to somewhere between $400,000 and $550,000 a year, depending on budget estimates from the Joint Committee on Taxation that hadn't come back yet.
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November 04, 2021 at 05:36AM
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Dueling 'SALT' fixes in play as Democrats try to close budget deal - Roll Call
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