{"id":2164988,"date":"2024-02-01T13:34:02","date_gmt":"2024-02-01T18:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-moves-quickly-on-salt-deduction-expansion-bill-sought-by-new-york-republicans\/"},"modified":"2024-02-01T13:38:28","modified_gmt":"2024-02-01T18:38:28","slug":"house-moves-quickly-on-salt-deduction-expansion-bill-sought-by-new-york-republicans","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-moves-quickly-on-salt-deduction-expansion-bill-sought-by-new-york-republicans\/","title":{"rendered":"NY Republicans push for swift passage of bill expanding SALT deduction"},"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\">22<\/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-moves-quickly-on-salt-deduction-expansion-bill-sought-by-new-york-republicans%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=2164988&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--><h2>The House Rules Committee Advances Legislation to Expand Federal \u2062Deductions for \u200bState\u2064 and Local \u200dTaxes<\/h2>\n<p>The House Rules Committee has taken a significant step forward in advancing legislation that would expand federal deductions for state\u200b and local taxes paid. This measure, negotiated by New York Republicans, is a result\u200d of their support for a broader tax legislative bill.<\/p>\n<blockquote>\n<h3>Modified SALT Legislation Moves Forward<\/h3>\n<p>The\u200b Rules Committee has reported out a rule to allow for consideration of the SALT legislation on \u200bthe floor. This bill is a modified version of Rep. Mike Lawler&#8217;s SALT Marriage Penalty Elimination Act, which aims to change the structure of the \u2063SALT cap by doubling it for married joint tax filers.<\/p>\n<\/blockquote>\n<p>The\u2062 bill received an 8-5 vote in \u2064favor as it was reported out of the Rules Committee. \u2062While the exact timing of a\u200b floor vote\u2062 in the broader\u200b House is uncertain, sources familiar with the matter expect it to take place\u2062 next week.<\/p>\n<p>This Rules Committee hearing\u200c took place\u200b less than 12 hours after the House passed a\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-bipartisan-child-tax-credit-plan-what-it-means-for-families\/\" title=\"Significant bipartisan <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">child tax credit<\/a> plan: impact on families&#8221;>bipartisan child tax credit<\/a>\u2062 and business bill with an overwhelming 357-70 vote.<\/p>\n<p>Some centrist Republicans from New York expressed \u2062their dissatisfaction \u2062with the absence of a \u2064change\u2062 to the SALT cap in the broader tax bill. In protest, they threatened to sabotage an unrelated \u200cprocedural vote. To secure\u200d their support, House leadership allowed the SALT sidecar bill to move forward.<\/p>\n<blockquote>\n<h3>Addressing Unfairness in \u2063the Current SALT Arrangement<\/h3>\n<p>Under the 2017 \u200bRepublican tax overhaul, the \u2062federal\u200d deduction for SALT was capped at $10,000 for both individual and married filers. Lawler&#8217;s bill seeks\u2063 to raise the deduction to $20,000 for married couples who own a home and file jointly.<\/p>\n<p>Members of\u2062 the SALT caucus \u2062argue that the current arrangement is unfair, as single homeowners \u200dcan claim a $10,000 deduction, while married couples can only claim $5,000 due to filing jointly.<\/p>\n<p>The proposed $20,000 threshold would apply to \u200bjoint filers with an adjusted gross income of less than $500,000.<\/p>\n<\/blockquote>\n<p>During the hearing,\u200c Rep. Lawler \u200demphasized the\u200c urgent need for tax relief due to the economic challenges caused by the Biden administration. He highlighted the crippling effects of inflation, skyrocketing living costs, and soaring energy \u200cprices.<\/p>\n<p>The fate of\u200d the bill in the House remains uncertain, given the tight division among lawmakers. While many Republicans oppose changes to\u2064 the SALT cap, viewing it \u2064as a tax break for the wealthy, numerous Democrats from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sen-sanders-rips-one-of-democrats-proposed-tax-cuts-a-terrible-terrible-message\/\" title=\"Sen. Sanders Rips One Of Democrats\u2019 Proposed Tax Cuts: \u2018A Terrible, Terrible Message\u2019\">high-tax states<\/a> support\u2063 raising or eliminating the cap.<\/p>\n<p>The broader tax\u2064 package, passed on Wednesday night, includes \u2064the expansion of the\u2064 child tax credit, a long-standing Democratic priority, and the renewal of certain business tax\u200c deductions advocated by Republicans.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click here to read more from the Washington Examiner<\/a><\/strong><\/p>\n<p>The \u200c$78 billion bill enhances\u2062 the child tax credit by making it more\u200c generous\u2063 on a per-child basis, increasing\u2064 the maximum \u200drefundable amount per child, and \u200cindexing the credit for inflation in 2021 and 2025.<\/p>\n<p>As the broader package faces\u2062 uncertainty\u2063 in the Senate, lawmakers, mindful of the\u200c upcoming election year, will carefully scrutinize\u200c the legislation. If the\u2064 tax package successfully passes the Senate, President Joe Biden has indicated his willingness to sign it into law.<\/p>\n<p> <\/p>\n<h2> \u200dWhat\u200d is\u2063 the main concern raised by taxpayers in high-tax states regarding \u2064the current SALT \u2062arrangement?<\/h2>\n<p><span> <\/h3>\n<p>The current SALT (state and local taxes) arrangement has been a point \u2064of contention for many taxpayers, particularly those in high-tax states \u2063such as\u200c New\u2062 York. Critics argue\u200c that the\u200d existing cap on SALT deductions unfairly penalizes these taxpayers by limiting\u200d the amount they can deduct on their federal \u2064tax returns.<\/p>\n<\/blockquote>\n<p>This\u2062 modified SALT legislation, proposed by Rep. Mike Lawler, seeks to address this unfairness by doubling the SALT cap for married joint tax filers. By allowing\u2063 these \u200btaxpayers to deduct a larger portion of their state and\u200b local taxes, this\u2064 bill \u2062aims to\u200d alleviate some of the tax burden and provide \u200bmuch-needed relief for \u200cfamilies in high-tax states.<\/p>\n<p>The \u2063fact\u200d that \u200cthis bill received an 8-5\u2062 vote in favor from the House Rules\u200c Committee demonstrates the support it has garnered among \u2062lawmakers. This bipartisan support is\u2064 crucial in advancing the legislation \u200dand increasing its chances of becoming \u200dlaw.<\/p>\n<p>The timing of a floor\u2064 vote in the broader \u200dHouse is still uncertain, but sources familiar with\u200d the matter \u2062anticipate it will \u2064take place\u2064 next week. This indicates that there is a sense \u200bof urgency\u2062 among\u200d lawmakers to address the\u200d issue and provide relief to taxpayers\u2064 as soon as possible.<\/p>\n<p>It is worth noting that\u200c this Rules Committee hearing\u200d occurred shortly after\u2064 the House passed \u200da bipartisan child tax credit and business bill \u2064with an overwhelming vote in favor. \u200bThis\u2064 suggests that lawmakers are actively working towards finding common\u2064 ground \u200band passing legislation that\u200c benefits the American people.<\/p>\n<p>However, it\u200c is not without its controversies.\u200d Some centrist\u200b Republicans from New York expressed their dissatisfaction with\u2063 the absence of a change to the \u200cSALT\u2064 cap\u200b in the broader\u200d tax bill. To \u2064express their discontent,\u200b they threatened\u200c to sabotage an unrelated procedural vote. In order \u2064to secure\u2063 their support, House\u200d leadership allowed the SALT sidecar bill to move forward. This \u200ccompromise highlights the importance\u2064 of finding middle ground and making concessions to\u2062 achieve \u200bbipartisan\u200d support.<\/p>\n<p>Overall, the advancement of this legislation \u2064to \u2064expand federal deductions for state and\u200d local taxes is a significant step towards\u200c providing relief for taxpayers \u200cin \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-one-house-republicans-job-could-be-in-jeopardy-over-tax-deal\/\" title=\"House Republican's job at risk due to tax deal\">high-tax\u200b states<\/a>.\u200c By addressing \u2062the unfairness in the current SALT arrangement, lawmakers are working towards \u2064creating a more\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-for-a-far-more-powerful-irs-on-taxes-day\/\" title=\"Biden Pushes for a far more Powerful IRS on Taxes Day\">equitable tax system<\/a>. While the exact outcome of the \u2064floor vote remains uncertain, the support and momentum behind this bill suggest \u2064that it has a good chance of becoming law and\u2062 bringing much-needed relief to\u2063 American taxpayers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House Rules Committee approved a bill to increase federal deductions for state and local taxes. This was a result of negotiations with New York Republicans, who agreed to support a larger tax bill in exchange. On Thursday, the Rules Committee issued a rule to allow the SALT legislation to be discussed on the floor<\/p>\n","protected":false},"author":2683,"featured_media":2164989,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/mike-lawler.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2164988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/mike-lawler.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2164988","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\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2164988"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2164988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2164989"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2164988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2164988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2164988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}