SALT change likely to be cut from bill, say Senate Democrats

[Calista241]

This discussion thread was locked as off-topic by Spazito (a host of the Latest Breaking News forum).

Source: The Hill

Senate Democrats say a proposal to raise the cap on state and local tax (SALT) deductions, a top priority of Senate Majority Leader Charles Schumer (D-N.Y.), is likely to be cut from the revised Build Back Better Act.

Senate Democrats who were involved in negotiations over the bill before Sen. Joe Manchin (D-W.Va.) blew it up last month say there’s simply not enough room for the expensive tax change, which Republicans argue would benefit wealthy suburban households in blue states.

“Yeah, I think that’s dead,” said one Democratic senator, who requested anonymity to summarize early discussions about changing the bill to win Manchin’s support.

A second Democratic senator familiar with negotiations on the tax provisions of the legislation said Manchin has signaled to colleagues that he’s not a fan of changing the tax break.


Read more: https://thehill.com/homenews/senate/591378-salt-change-likely-to-be-cut-from-bill-say-senate-democrats

[BlueJac]

1. Just let Manchin make the bill and have him sign it first!

Done with bought and paid for Senators and Representatives. Pathetic!

[JustAnotherGen]

2. Tom Malinowski loses

So do most of the NJ House Delegation. This is an issue that is a 'winning one' for them.

[kirby]

3. SALT is unfair...

Forget about benefiting 'wealthy' households... It is unfair to pay taxes on money paid out as taxes...

[Calista241]

4. There's a $10k deduction on SALT that covers most Americans.

It also raises $100b a year in tax revenue. Replacing that revenue with a new tax on something else is a part of the problem Dems are facing.

[OneCrazyDiamond]

6. That is only if you itemize.

Standard deduction is higher. $12,550 for single filers.

[Igel]

8. So if you don't itemize, you're covered.

I officially pay taxes on money I pay in taxes--property taxes, various fees, income tax. Presumably it's covered in the standard deduction, but I'd need medical bills to help me because I'm in a fairly low-tax/low-services state.

No SALT seems quite fair to me. I choose to live in this state. If I moved to another state, it's because I choose to live there.

Now, most high-tax/high-services states *also* are high wage, meaning PPP tends to factor that in.

In other words, it's about a wash. SALT exemptions tilt the playing field. *And* help maintain the high property values (which, to a large extent, is what we're defending--largely accumulated wealth) and need for high incomes.

[MichMan]

5. I feel the same way about gas and sales taxes

[roamer65]

7. Start killing pork projects in taker red states.

[Spazito]

9. *LOCKING*

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