GOP tax writers propose raising cap on SALT deductions to $30,000

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GOP tax writers propose raising cap on SALT deductions to $30,000

The House Ways and Means Committee in a Monday meeting proposed raising the cap on state and local tax deductions to $30,000 but limiting them to those earning under $400,000, according to people familiar with the matter.The proposal represents a compromise on one of the top disagreements among Republicans as they seek to write a major fiscal overhaul to implement President Donald Trump’s agenda and extend the 2017 Tax Cuts and Jobs Act, which first set a $10,000 cap on deductions for SALT, as it is known.Still, House Speaker Mike Johnson (R-LA) said after meeting with SALT Republicans on Monday ..