SALT and a hard place: House Republicans want to make tax cuts permanent Tax cuts are set to expire in 2025

House Ways and Means Chairman Kevin Brad上海贵族宝贝交流区

y (Credit: Getty Images)

House Republicans introduced legislation on Monday t上海千花网龙凤论坛

hat would make the new tax cuts for individuals — set to expire at the end of 2025 — permanent.

The measure also includes the controversial $10,000 annual cap for state and local tax deductions (SALT), a provision that s particularly unpopular in high-tax states like New York and New Jersey. The legislation is up for consideration as the November election nears, when Republicans will be at risk of losing their majority in the House.

SALT s inclusion in the bill puts Republican lawmakers in high-tax states in a tricky spot: They must decide whether to vote in f上海贵族宝贝论坛

avor of raising taxes for their constituents or against上海龙凤论坛sh1f

tax cuts.

“It’s time to change the culture in Washington where we only do tax reform once a generation,” House Ways and Means Chairman Kevin Brady said in a statement. “This legislation is our commitment to the American worker to ensure our tax code remains the most competitive in the world.”

Brady has estimated that making the new law s individual tax cuts permanent would cost $600 billion.上海千花网

[Bloomberg] — Kathryn Brenzel

Tags: Politics, taxes
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