Repealing Trump’s SALT Cap Deemed Unpopular as It Benefits Rich
WASHINGTON A bipartisan group of lawmakers is pushing to eliminate the cap on federal tax deductions for state and local taxes (SALT) but many argue that such a move would massively favor the rich.
For decades, the ability to deduct SALT has been an important tax break for taxpayers who itemize deductions on their federal income tax returns. The 2017 Tax Cuts and Jobs Act (TCJA), however, limited the deduction for SALT payments to $10,000 a year. Any state and local individual income or property tax payments in excess of that amount are no longer deductible by taxpayers.
Tom Williams/Pool via AP
Sen. Roger Wicker downplayed the odds of an infrastructure deal that included rolling back Trump s tax cuts.
He called it an impossible sell among Republicans on Monday.
Wicker met with Biden to discuss his jobs plan along with other Republicans and Democrats.
Sen. Roger Wicker of Kansas, the ranking Republican on the Senate Commerce Committee, downplayed the prospect of a bipartisan deal on President Joe Biden s infrastructure plan that included rolling back the 2017 Trump tax cuts. It would be an almost impossible sell from the president to come to a bipartisan agreement that included the undoing of that signature [law], Wicker said. And I did tell him that.
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FedEx and Nike are among those found to have avoided U.S. tax liability for three straight years.
Twenty-six Fortune 500 companies, including FedEx, paid no federal income tax for the last three years, a study found.Credit.Hunter Kerhart for The New York Times
April 2, 2021
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest paid no taxes last year on billions of dollars in profits.
The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald J. Trump reduced the corporate tax rate to 21 percent from 35 percent. But dozens of Fortune 500 companies were able to further shrink their tax bill sometimes to zero thanks to a range of legal deductions and exemptions that have become staples of the tax code, according to the analysis.