The cap is currently set to expire at the end of 2025 so congressional budget analysts have to assume that the cap would be fully lifted after 2025 because that is current law. As a result, if Democrats impose some sort of limit on the SALT deduction from 2026-2031, that counts as revenue for budgeting purposes.
“We were not sent here to cut taxes for the wealthiest people in the country and we shouldn’t have a package that does that,” Senator Michael Bennet, a Colorado Democrat who supports Sanders’ idea, said.
Senate Finance Committee Chairman Ron Wyden said he is working to broker a deal between the various groups and is confident a deal can be reached.
“Senators still have some differences,” Wyden said. “I talk to all of our Senators regularly. I’m responsible for that.”
This article was provided by Bloomberg News.