Overview

• 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.