New Yorkers Want Quadruple the $30,000 SALT Cap in Tax Draft.

The House tax committee's draft bill proposes increasing the state and local tax deduction to $30,000 for couples, with income limits set at $400,000 or less for households. However, lawmakers from high-tax states like New York, New Jersey, and California are pushing for a $62,000 deduction cap for individuals, indexed for inflation and available starting in 2025. The issue of the SALT deduction remains contentious, with some lawmakers threatening to block Trump's tax agenda if substantial increases are not made, potentially impacting the passage of the bill. House Republicans are aiming to balance revenue losses from tax cuts with spending cuts and new tax breaks, with the Ways and Means Committee considering eliminating green energy tax breaks to accommodate new cuts. [Extracted from the article]