House blocks effort from New York Republicans to boost 'SALT' tax deduction
ABC News
A longshot bid to temporarily double a $10,000 cap on state and local tax deductions for most married couples went down to defeat in the House
WASHINGTON -- A longshot bid to temporarily double a $10,000 cap on state and local tax deductions for most married couples went down to defeat Wednesday in the House.
The limit was put in place as part of the sweeping tax cuts that a Republican-led Congress passed during then-President Donald Trump's administration. The so-called SALT cap has led to bigger tax bills for many residents of New York, New Jersey, California and other high-cost, high-tax states, and is an important campaign issue in those states.
A procedural vote to bring up the legislation was rejected by a vote of 195-225.
While unsuccessful, the vote gave Republicans in swing congressional districts the chance to show they're fighting to get tax relief for constituents now unable to fully deduct the amount of local and state taxes they pay. It's a particularly important issue for the Republican members of the New York delegation, some serving in districts that President Joe Biden won in 2020.
Underscoring the political dynamics at play, the vote came just one day after Democrats took back one House seat in New York, with Tom Suozzi winning the seat left vacant last year when Republican Rep. George Santos was expelled from office.
President Donald Trump this week said he believes he’ll have “the honor of taking Cuba” soon
U.S. applications for unemployment benefits fell last week, remaining in the same range of recent years despite a broadly tepid labor market
Uber says it will invest up to $1.25 billion in Rivian Automotive to help launch up to 50,000 robotaxis
Kuwait says a drone attack targeting an oil refinery has sparked a fire
The National Retail Federation, the nation’s largest retail trade group, is forecasting annual retail sales will grow at a faster clip this year than last year, citing consumers’ resilience despite lots of economic volatility
U.S. wholesale prices came in hotter than expected in February
U.S. wholesale prices came in hotter than expected in February
Macy’s profit rose more than Wall Street expected in the fourth-quarter, and the retailer delivered another increase in comparable sales Wednesday
Iran's judiciary says it has executed man for allegedly spying for Israel's Mossad as war rages
Japan has recorded a trade surplus of 57.3 billion yen, or $360 million, in February, according to government data, reversing from a deficit a month earlier
The Iran war has rattled the global flow of oil, with steeper fuel costs already straining households worldwide
The Wisconsin state Senate has passed a $133 million package to combat contamination from forever chemicals
Colombia says it is seeking a license from the U.S. Treasury Department to invest in several electricity and natural gas ventures in Venezuela