President Trump on Friday urged Congress to quickly pass a tax bill after negotiators reached a tentative deal on the long-contested SALT state and local tax deduction.
The House must be ready to send the bill to my desk by July 4 — we can get it done, the president wrote on the social network Truth Social, setting a new deadline.
Trump's post came just hours after he told reporters that missing the Independence Day target date would not be the "end all be all" if lawmakers needed more time due to protracted negotiations.
Bessent says SALT deal is very close
Earlier in the day, Bessent told Fox Business that he had been talking to “SALT Republicans” at the Treasury Department. He felt that we were very close to a deal that would help their constituents but also be fair to the American people as a whole, he said, calling on all sides to put aside their own interests.
These lawmakers, many from New York, New Jersey and California, want to keep the House bill's deal that would raise the annual deduction limit to $40,000 instead of the current $10,000 limit. The draft being discussed in the Senate is expected to keep the $10,000 limit.
Some members from high-tax areas had previously said they would vote against the entire bill if the cap was not raised, threatening to kill the bill in the deeply divided House.
In recent days, negotiators have agreed to keep the $40,000 limit. But senators have proposed cutting other parts of the House plan, such as setting a lower income threshold for taxpayers to qualify for the deduction.
On Friday, Rep. Nick LaLota said he heard about a proposal to cap SALT spending at $40,000 over five years, then reduce it to $10,000. “I can’t agree with that,” LaLota said. “It just confirms what I’ve been opposed to all along.”
Another New York Republican, Mike Lawler, described the discussions as productive but did not provide further details.
House Speaker Johnson also sounded an optimistic note, telling reporters that the talks would be resolved in a way that everyone could live with. He added that no one would be completely happy with the outcome, but that's the way things work here.
The bill would spend hundreds of billions of dollars on the military, immigration enforcement and border patrol while cutting some domestic assistance programs. It could reduce spending on Medicaid health insurance for the poor, food stamps and financial aid for college students.
Source: https://tintucbitcoin.com/trump-day-nhanh-han-chot-thue-salt/
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