Not much more room left for SALT, says GOP tax chief

On Wednesday, House Ways and Means Chairman Jason Smith (R-Mo.) informed journalists that there is approximately $50 billion allocated for expanding a significant tax deduction favored by Republicans from blue states. The legislation proposed by the Ways and Means committee in the early hours of Wednesday aims to triple the state and local tax deduction from $10,000 to $30,000 for House Republicans. Additionally, there would be a new $400,000 income threshold for claiming this deduction.