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SALT-Cap Expansion Has Nowhere to Go as Biden Agenda Stalled (1)

Dec. 19, 2021, 9:07 PM

Democrats have limited legislative paths to expand the federal deduction for state and local taxes if President Joe Biden’s economic agenda remains stalled indefinitely because of Senator Joe Manchin’s opposition.

A vocal group of Democrats, largely representing high-tax areas in New York, New Jersey and California, have made the state and local tax -- or SALT -- write-off a must-include provision of the roughly $2 trillion tax and spending bill.

WATHC; President Biden’s $2 trillion economic plan stalls out in Congress.
Source: Bloomberg

But if that legislation can’t get through Congress, lawmakers have little hope of finding another way to expand the tax break before the end of next year. ...