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Will Trump's proposal to repeal the $10,000 SALT cap be signed into law by the end of 2024?
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Resolution / Starting Odds
Yes • 50%
No • 50%
Official records from the White House and the Federal Register
Story
Trump Vows to Repeal $10,000 SALT Cap, Restore Homeowner Tax Break
Sep 17, 2024, 07:36 PM
Former President Donald Trump has announced plans to repeal the $10,000 cap on state and local tax (SALT) deductions, a policy he originally implemented as part of his 2017 tax package. This move marks a significant reversal of his previous stance and comes ahead of his rally in Long Island, New York, where the SALT deduction is a critical issue. Trump's proposal has sparked reactions from both sides of the political spectrum. Sen. Mike Crapo, the ranking GOP member on the Senate Finance Committee, expressed support for extending the current cap, although he noted that 'everything is up for negotiations.' Democrats, who have long opposed the SALT cap, now find their leverage in negotiations potentially undermined by Trump's new position. The proposal is seen as a major boost to high-tax states such as New York, but it has also raised questions about its impact on tax policy and fiscal responsibility. Most Republicans oppose reinstating the homeowner tax break.
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