White House Downplays Hopes for SALT Cap Hike as Tax Fight Looms

New Yorkers and Californians seeking a big expansion to the state and local tax deduction when Congress debates a renewal of Donald Trump’s tax cuts next year are unlikely to see their wishes granted, President Joe Biden’s top economic adviser said.

“The president has made it very clear he just doesn’t believe that the wealthiest Americans need another tax break. So I think that principle will guide his approach, or his team’s, approach to the SALT cap,” White House National Economic Council Director Lael Brainard said on a call with reporters, referring to the $10,000 limit on the ...