Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Last-minute House Democrat plan bumps state and local tax cap to $80,000 through 2030

by
November 5, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Outdoor cooking boomed during the pandemic, and the grilling industry thinks it will stay hot

These Americans all left the U.S. for Mexico: How they found their ‘perfect location’ and made it happen

Rep. Josh Gottheimer (D-NJ) (C) and Rep. Tom Reed (R-NY) (3rd R), co-chairs of the bipartisan Problem Solvers Caucus, hold a news conference with fellow members of Congress to highlight the need for bipartisan, bicameral COVID-19 relief legislation outside the U.S. Capitol on December 03, 2020 in Washington, DC.

Chip Somodevilla | Getty Images

House Democrats late Thursday altered their spending package by changing the limit on state and local taxes, known as SALT.

The new plan would boost the cap to $80,000 from $10,000 a year through 2030, and the $10,000 limit would return in 2031, according to the amendment — a $7,500 hike and a one-year term decrease from Wednesday’s proposal.

“We have been fighting this unfair, targeted tax since its inception in 2017,” said Reps. Josh Gottheimer, D-N.J.; Tom Suozzi, D-N.Y.; and Mikie Sherrill, D-N.J., said in a joint statement.

More from Personal Finance:
Latest version of Democrat bill includes improvements to Medicare
Democrats manage to get 4 weeks of paid leave back into social spending bill
Democrats put 401(k) and IRA restrictions back into Build Back Better plan

“This agreement to address the cap on our state and local tax deduction will effectively eliminate the undue burden for nearly all of the families in our districts who’ve been unfairly double taxed for the last four years,” they said.

However, opponents had already pushed back on Wednesday’s plan for a $72,500 limit, saying the write-off may primarily benefit higher earners.

Only 1.6% of middle-income families earning between $54,000 and $96,000 would see a benefit by increasing the cap to $72,500 in 2021, according to a Tax Policy Center analysis, with an average tax cut of $20.

ShareTweetPin

Related Posts

Outdoor cooking boomed during the pandemic, and the grilling industry thinks it will stay hot

by
July 2, 2022
0

In this article WEBR COOK People have been eating and cooking more meals outdoors since the pandemic began, a trend...

These Americans all left the U.S. for Mexico: How they found their ‘perfect location’ and made it happen

by
July 2, 2022
0

In 2006, after years of living paycheck to paycheck in California, I decided to move to Mexico. I was 50,...

‘How quickly the tables have turned’: Falling mortgage rates have homebuyers so emboldened they’re asking sellers for cash

by
July 2, 2022
0

Associated Press Russia's messages with missiles tell West to back off The latest in a litany of horrors in Ukraine...

Yields Are Above 8%. It’s Time to Get Excited About Income Investing.

by
July 2, 2022
0

Income-oriented investors, it’s time to celebrate. There are suddenly many more opportunities—in areas ranging from junk bonds to real estate...

Schedule for Week of July 3, 2022

by
July 2, 2022
0

by Calculated Risk on 7/02/2022 08:11:00 AM The key report scheduled for this week is the June employment report to...

Next Post

Comments on October Employment Report

Here's where the jobs are -- in one chart

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net