Republicans have widely criticized Democrats for their efforts to make the SALT deduction more generous. Representative Kevin Brady, the top Republican on the House Ways and Means Committee says Democrats are struggling to reconcile their professed desire to tax the rich, while also make good on campaign pledges to expand the popular tax breaks.
“Democrats now seem obsessed with repealing the SALT cap even though the vast majority of it goes to the wealthy,” Brady said.
The House is aiming to vote on Biden’s economic package this week, which includes the $80,000 cap on SALT, though that approach is likely to change after the bill is revised in the Senate.
--With assistance from Laura Litvan.
This article was provided by Bloomberg News.