Magical Trade
Wednesday, March 22, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Last-minute House Democrat plan bumps state and local tax cap to $80,000 through 2030

by
November 5, 2021
in Trade News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Exxon vs. Chevron? Goldman Sachs reveals its favorite — and other energy picks

Euro pushes higher as ECB chief Lagarde says inflation is still too high

Rep. Josh Gottheimer (D-NJ) (C) and Rep. Tom Reed (R-NY) (3rd R), co-chairs of the bipartisan Problem Solvers Caucus, hold a news conference with fellow members of Congress to highlight the need for bipartisan, bicameral COVID-19 relief legislation outside the U.S. Capitol on December 03, 2020 in Washington, DC.

Chip Somodevilla | Getty Images

House Democrats late Thursday altered their spending package by changing the limit on state and local taxes, known as SALT.

The new plan would boost the cap to $80,000 from $10,000 a year through 2030, and the $10,000 limit would return in 2031, according to the amendment — a $7,500 hike and a one-year term decrease from Wednesday’s proposal.

“We have been fighting this unfair, targeted tax since its inception in 2017,” said Reps. Josh Gottheimer, D-N.J.; Tom Suozzi, D-N.Y.; and Mikie Sherrill, D-N.J., said in a joint statement.

More from Personal Finance:
Latest version of Democrat bill includes improvements to Medicare
Democrats manage to get 4 weeks of paid leave back into social spending bill
Democrats put 401(k) and IRA restrictions back into Build Back Better plan

“This agreement to address the cap on our state and local tax deduction will effectively eliminate the undue burden for nearly all of the families in our districts who’ve been unfairly double taxed for the last four years,” they said.

However, opponents had already pushed back on Wednesday’s plan for a $72,500 limit, saying the write-off may primarily benefit higher earners.

Only 1.6% of middle-income families earning between $54,000 and $96,000 would see a benefit by increasing the cap to $72,500 in 2021, according to a Tax Policy Center analysis, with an average tax cut of $20.

ShareTweetPin

Related Posts

Exxon vs. Chevron? Goldman Sachs reveals its favorite — and other energy picks

by
March 22, 2023
0

Energy stocks dropped last week as oil prices fell to a 15-year low , with the banking crisis roiling markets....

Euro pushes higher as ECB chief Lagarde says inflation is still too high

by
March 22, 2023
0

European Central Bank (ECB) President Christine Lagarde announces a new monetary policy decision. Frederick Florin | Afp | Getty Images...

Gold prices could notch an all-time high soon — and stay there

by
March 22, 2023
0

In this article CSG.N-CH Follow your favorite stocksCREATE FREE ACCOUNT Investors have been flocking to gold and Treasurys as bank...

UK inflation rate breaks 3-month stretch of declines with surprise rise to 10.4%

by
March 22, 2023
0

U.K. inflation data paints a picture of the British economy. Bloomberg / Contributor / Getty Images U.K. inflation unexpectedly jumped...

Virgin Orbit returning ‘small’ team from unpaid pause on Thursday to prep for next rocket launch

by
March 22, 2023
0

In this article VORB Follow your favorite stocksCREATE FREE ACCOUNT Virgin Orbit flew its modified Boeing 747 airplane "Cosmic Girl"...

Next Post

Comments on October Employment Report

Here's where the jobs are -- in one chart

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • Josh Brown says Nvidia’s potential is ‘scary’ ahead of a potential AI boom

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net