HILL TAX BRIEFING: A Deeper Look at Dems’ Dueling SALT Cap Plans

People with six-figure salaries and high property and state income tax bills would see significant benefits from each of the competing Democratic proposals to lift the deduction cap for state and local tax payments.

The reconciliation package House Democrats are seeking to pass would temporarily raise the SALT cap for all taxpayers to $80,000, up from $10,000 under the 2017 tax law. But on the Senate side, Budget Chairman Bernie Sanders (I-Vt.) is working with colleagues on a plan to allow an unlimited deduction for people earning less than a still-to-be-decided-amount, while leaving the $10,000 cap in place for wealthier ...