{"id":1846012,"date":"2023-02-14T07:50:07","date_gmt":"2023-02-14T12:50:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1846012"},"modified":"2023-02-14T07:51:29","modified_gmt":"2023-02-14T12:51:29","slug":"house-lawmakers-relaunch-caucus-to-raise-salt-cap","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-lawmakers-relaunch-caucus-to-raise-salt-cap\/","title":{"rendered":"House Lawmakers Relaunch Caucus to Raise SALT Cap"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhouse-lawmakers-relaunch-caucus-to-raise-salt-cap%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1846012&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div class=\"TopBanner-container\" data-top-banner-placeholder=\"true\"><\/div>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<header id=\"SpecialReportArticle-PageHeaderWithTuneInText-2\" class=\"PageHeaderWithTuneInText-container PageHeaderWithTuneInText-isSpecialReport PageHeaderWithTuneInText-noHeader\" data-test=\"pageHeaderWithTuneInText-0\" data-analytics=\"SpecialReportArticle-pageHeaderWithTuneInText-2-0\">\n<div class=\"PageHeaderWithTuneInText-main\">\n<div class=\"PageHeaderWithTuneInText-title\">Smart Tax Planning<\/div>\n<\/div>\n<\/header>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"RenderKeyPoints-keyPoints\" id=\"SpecialReportArticle-KeyPoints-5\" data-test=\"keyPoints-1\" data-analytics=\"SpecialReportArticle-keyPoints-5-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>Last week, a group of bipartisan House members relaunched state and local tax caucus. They called for relief from the $10,000 federal deduction for state taxes and local taxes.<\/li>\n<li>Certain lawmakers from high-tax states have made this a central issue because taxpayers are limited to a maximum of $10,000 in state and local levies.<\/li>\n<li>But, it may prove difficult to repeal SALT&#8217;s deduction limit without a single proposal and few votes.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody-articleBody\" id=\"SpecialReportArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"SpecialReportArticle-articleBody-6-2\">\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-106869086\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">D-N.J. Rep. Bill Pascrell speaks at a press conference announcing the formation of the caucus for state and local taxes on April 15, 2021 outside the Capitol.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\"> Getty Images| Bloomberg | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>A group of bipartisan House Representatives <a href=\"https:\/\/gottheimer.house.gov\/posts\/release-gottheimer-kim-garbarino-eshoo-re-launch-bipartisan-salt-caucus-to-fight-for-tax-relief-for-middle-class-families-2\" target=\"_blank\" rel=\"noopener\">relaunched<\/a> The SALT caucus voted last week in favor of removing the $10,000 cap on federal deductions for state taxes and local taxes.<\/p>\n<p>Acted through former President <a href=\"https:\/\/www.cnbc.com\/donald-trump\/\">Donald Trump<\/a>&#8216;s <a href=\"https:\/\/www.cnbc.com\/2020\/02\/13\/these-are-the-winners-and-losers-of-the-trump-tax-cuts.html\">2017 tax overhaul<\/a>The state and local tax caps <a href=\"https:\/\/www.cnbc.com\/2021\/12\/20\/salt-deduction-relief-may-be-in-peril-as-build-back-better-stalls-.html\">It has been a crucial issue<\/a> For certain legislators in high-tax state like New York, New Jersey or California, residents can&#8217;t deduct more that $10,000 in state and local levies in their federal returns.<\/p>\n<p>The $10,000 cap will expire without Congress&#8217;s intervention after 2025. However, members of the SALT caucus would like to see changes sooner. They also vow to fight any attempt to raise the cap.<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"SpecialReportArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 class=\"RelatedContent-header\">Smart Tax Planning:<\/h2>\n<div class=\"group\">\n<p>Here are more tax planning news.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>&#8220;Restoring SALT will get more dollars back into the pockets of hardworking families who are already struggling with high cost,&#8221; Rep. Josh Gottheimer (D-N.J.), was the SALT caucus chair at a press conference last Wednesday.<\/p>\n<p>A slim Democratic House majority made the SALT cap a sticking point during Build back Better negotiations. Fortunately, lawmakers in November 2021 approved it.\u00a0<a href=\"https:\/\/www.cnbc.com\/2021\/11\/19\/house-democrats-pass-package-with-80000-salt-cap-through-2030.html\">Limit of $80,000 in SALT by 2030<\/a>\u00a0in their spending package. But Sen.\u00a0<a href=\"https:\/\/www.cnbc.com\/joe-manchin\/\">Joe Manchin<\/a>D-W.Va., blocked Senate spending package<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">SALT relief might not get the traction they desire.<\/h2>\n<div class=\"group\">\n<p>The SALT caucus has more New York representatives and a smaller House Republican majority. It hopes to make progress by 2025.<\/p>\n<p>Jamie Yesnowitz is principal of state and local taxes at Grant Thornton and leader of the national tax office. He said that repealing SALT may prove difficult in this Congress.<\/p>\n<p>Some proposals include raising the limit or adjusting it according to income. Others propose eliminating it altogether. He said that it would be difficult to get traction without a common approach.<\/p>\n<p>&#8220;Right now, there&#8217;s just too much to choose from,&#8221; Yesnowitz said.<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107189612\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107189612\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000284394\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107189613-16757117961675711793-28084073013-1080pnbcnews.jpg?v=1675712396&#038;w=750&#038;h=422&#038;vtcrop=y\" alt=\"Over 30 states have approved a SALT cap tax &#039;solution&#039;\"   style=\"display:none\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>&#8220;The first step is to try and find one approach that can move forward,&#8221; Yesnowitz said. &#8220;But even after that, there&#8217;s the question of when it can be brought to a vote because there are just not that many opportunities.&#8221;<\/p>\n<p>&#8220;I don&#8217;t see a path forward right at the moment,&#8221; He also pointed out other pressing issues such as the debt negotiations. &#8220;But you never say never in these situations.&#8221;<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">There are more than 30 states that have a SALT cap.<\/h2>\n<div class=\"group\">\n<p>In the meantime, more than 30 US states and local jurisdictions (including New York City) have <a href=\"https:\/\/www.cnbc.com\/2021\/12\/07\/-these-states-offer-a-workaround-for-the-salt-deduction-limit-.html\">A workaround was found.<\/a> According to the following, owners of pass-through businesses such as partnerships and S-corporations, may be eligible for certain tax credits. <a href=\"https:\/\/www.grantthornton.com\/insights\/alerts\/tax\/2023\/salt\/general\/salt-outlook-predictions-for-2023-01-27.html\" target=\"_blank\" rel=\"noopener\">Grant Thornton<\/a>There are other possibilities for 2023.<\/p>\n<p>According to the Federal Government, the workaround could result in $50 billion in lost revenue for the federal government by 2025. The biggest benefits will go to owners of pass-through businesses making $1 million or less. <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4142575\" target=\"_blank\" rel=\"noopener\">Research<\/a> Daniel Hemel, New York University School of Law<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Smart Tax Planning Last week, a group of bipartisan House members relaunched state and local tax caucus. They called for relief from the $10,000 federal deduction for state taxes and local taxes. Certain lawmakers from high-tax states have made this a central issue because taxpayers are limited to a maximum of $10,000 in state and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1846015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[11441,8021,4870,3653,3673,5283,10665],"class_list":["post-1846012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-salt","tag-cap","tag-caucus","tag-house","tag-lawmakers","tag-raise","tag-relaunch"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1846012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1846012"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1846012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1846015"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1846012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1846012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1846012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}