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Bill chips away at SALT block but comes with drawbacks, advisors say
'I’d love to see the [full] SALT deduction come back but not if it means rates go up,' one advisor says.
Proposed tax deal in Congress could give economy a boost
Congressional negotiators are locked in talks over renewing expired business tax breaks and boosting the child tax credit.
Tax cuts vs. debt reduction: GOP presidential debate illustrates conundrum
'We need to address the looming debt and quit kicking the can down the road,' one advisor says.
Advisors urge Congress to weigh debt reduction against SALT deduction
'As much as I might want to see some relief for my clients and myself, there should be a balance between revenue and expenses in the federal budget,' one advisor says.
Build Back Better stall could complicate tax planning
If Congress finally comes to an agreement on the bill, some provisions could be retroactive. The state and local tax deduction hangs in the balance.
Biden bill provides tax cut for millionaires, hike for mega rich
Joint Committee on Taxation data show that while millionaires collectively would pay a higher tax rate under the Build Back Better Act passed by the House, those earning at least $1 million would collectively pay $46.8 billion less in taxes.
SALT cap boost in House bill likely to see changes by Senate
The House measure lifts the cap on state and local tax deductions to $80,000 from the current $10,000 limit, while a Senate proposal would cap the deduction based on income.
SALT cap is poised to get looser as Democrats debate tax relief
House Democrats have proposed increasing the cap to $80,000 from $10,000 through the end of the decade; Senate Democrats are working on a less generous option.
Democrats eye raising minimum tax rates to offset SALT expansion
An expansion of the alternative minimum tax, would require some top earners to pay more in taxes.
Plan to suspend SALT cap ‘unacceptable,’ Bernie Sanders says
House Democrats are considering a five-year suspension of the cap on federal deductions for state and local taxes, but the Vermont senator disapproves.
Advisers want Congress to restore the SALT deduction
Lawmakers will wrestle with tax relief and increases for the wealthy as they put together a $3.5 trillion budget bill. SALT relief targets the $10,000 limit on the deduction for state and local taxes implemented under the 2017 tax reform.
SALT tax-cap challenge by New York and New Jersey is tossed
The judge said the federal government has 'exhaustive' power to impose and collect income taxes
