Want some extra SALT with those budgetary fries? It will cost you.
The congressional Joint Committee on Taxation has released its latest cost estimates on the latest House budget proposal, which includes a quadrupling of the cap on state and local tax (SALT) deductions on federal taxes.
The projections suggest late compromises on issues such as the SALT cap will make the House of Representatives’ budget framework cost an extra $140 billion over 10 years.
In the closing moments of House Speaker Mike Johnson’s push to pass what President Donald Trump calls the “big, beautiful bill,” he cut a deal with blue state Republicans in the House to quadruple to $40,000 the cap on state and local tax deductions.
A SALT deduction allows residents of high-tax states to deduct their state and local taxes on their federal tax returns. Under Trump’s first-term 2017 tax…
