House Rejects Bill to Double 'SALT' Deduction Cap for Married Couples
The proposed legislation aimed to alleviate tax burdens for high-income households in states with high taxes but faced criticism for benefiting wealthier individuals.
- House rejects bill to double 'SALT' tax deduction cap for married couples, maintaining the $10,000 limit.
- The proposed change aimed to alleviate tax burdens for high-income households in high-tax states like New York.
- Critics argue the bill would primarily benefit wealthier households and increase federal deficits.
- The defeat underscores political divisions and the ongoing debate over tax policy and fairness.
- The 'SALT' cap, set to expire in 2025, remains a contentious issue with implications for future tax legislation.
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