Trump Meets with House Republicans on SALT Deduction

House Republicans recently met with President-elect Donald Trump at Mar-a-Lago to discuss the state and local tax (SALT) deduction, which is currently capped at $10,000. Lawmakers from high-tax states like New York, New Jersey, and California expressed their concerns that the cap has become a financial burden for middle-class families. Trump signaled his willingness to negotiate a higher deduction, emphasizing the need for relief as local taxes continue to rise. There is bipartisan agreement on the necessity to adjust the SALT cap, although challenges remain due to differing views among Republicans from lower-tax states. The SALT deduction has been a contentious issue since its cap was imposed under the 2017 tax reform, with calls for its removal or significant increase gaining momentum. Lawmakers aim to finalize plans for a new SALT proposal by spring, ahead of the cap's expiration in 2025.