Chuck Schumer: "If SALT "compromise" passes today the value of your home could drop by TEN PERCENT."

[Miles Archer]

Chuck Schumer ‏Verified account
@SenSchumer

If SALT “compromise” passes today the value of your home could drop by TEN PERCENT. Tell Republicans to drop this bill, not your net worth.
5:30 AM - 26 Oct 2017

Link to tweet

[Iliyah]

1. The GOPs are doing everything possible to destroy the middle class

it will backfire, and it's already starting to happen.

[muriel_volestrangler]

2. Doesn't look like anyone's talked about the compromise on DU, so here's a couple of links

A key House lawmaker on taxes said it’s important to him that Congress reach a compromise on state and local tax deductions, rather than repealing the break outright.

Representative Peter Roskam, chairman of the Ways and Means tax policy subcommittee, said Republicans are closer to a decision on the so-called SALT deduction, but it’s still unclear to him how the full committee will treat the tax break. “It was just a good discussion, that’s all,” Roskam said Tuesday following a meeting of House GOP members to discuss the issue.

The Illinois Republican, whose constituents are above-average users of the deduction, deferred to Kevin Brady, chairman of the Ways and Means panel, to provide additional details.

The prolonged uncertainty over one of the GOP’s few proposed revenue-raisers indicates the struggle facing party leaders as they seek to unify members with varying concerns while also keeping their overall plan from costing more than $1.5 trillion, as the Senate budget specifies.

https://www.bloomberg.com/news/articles/2017-10-24/key-gop-tax-writer-wants-compromise-on-state-and-local-tax-break

WASHINGTON (Reuters) - A budget plan crucial to President Donald Trump’s hopes for large-scale tax cuts looked set for a close vote in the U.S. House of Representatives on Thursday after some Republicans vowed opposition in an effort to protect a popular tax break.

The rebellious faction is resisting a proposal to eliminate a federal deduction for state and local income taxes, which would hit middle-class voters in high-tax states like New York, New Jersey and California.

The idea is one of several that have been floated as Republicans craft a tax-cut plan. The budget blueprint, which has already been approved by the Senate, is central to their efforts to push tax legislation through Congress in the face of staunch opposition from Democrats.

The proposal “is obviously an issue of concern to a group of members, and the shared goal is to work together to address the issue and move forward,” an aide to House Majority Whip Steve Scalise said on Wednesday.

https://in.reuters.com/article/usa-tax/republican-tax-fight-complicates-plan-to-pass-budget-in-u-s-house-idINKBN1CV0X2