Senator Joe Manchin’s misgivings aren’t the only thing keeping Biden’s “Build Back Broke” bill from advancing in the Senate — there is also the matter of the massive tax break for blue-state rich people via lifting the cap on State and Local Tax (SALT) deductions. The House bill jacked the SALT cap all the way up from $10,000 to $80,000. Even in high-tax states, you have to be doing awfully well to rack up $80,000 in state and local taxes.
Bernie Sanders wants to cap the deduction at $400,000 of income. Senator Bob Menendez of New Jersey balked:
Sen Bernie Sanders says he and Sen Menendez still “disagree” on SALT.
Reminder it was TBD in the text released by the finance committee over the weekend.
Will it get resolved? “We’ll see,” Sanders said.
— Julie Tsirkin (@JulieNBCNews) December 13, 2021
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