Repeal of SALT Deduction Not Fully Supported by House
National – The House Republicans’ Tax Cuts and Jobs Bill (HR1) is designed to eliminate the deduction for state and local income and sales taxes for individuals. However, there would be deductions allowed for Property Taxes, up to $10,000 annually. The SALT deductions for businesses will remain in place.
The House Democrats have expressed their opposition to HR1, criticizing that the deductions will benefit the wealthy at the expense of the middle-class taxpayers.
According to Rep. Joe Crowley’s (Democrat, New York) Twitter, “Billionaires get a tax break, hard-working families get a tax hike. That’s not how it’s supposed to work.”
A vote count among Republicans on the bill is expected to take place before the bill reaches the House Rules Committee on November 15. Changes may be made to the Bill if Republicans do not have enough support. According to reports, the changes could include repealing the Patient Protection and Affordable Care Act’s (ACA) (P.I. 111-148) individual mandate.
President Trump is expected to meet with the House Republicans November 16, before the floor vote for HR1. The President wants the House to pass a tax reform bill by Thanksgiving.
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