Foes of SALT cap threaten Biden tax plan

first_img Why Tony Robbins, tax shelters and financial advisers don’t mix Newsletters 2 Three House Democrats say they won’t support any of President Joe Biden’s tax hikes to fund his infrastructure proposal unless the plan includes a repeal of the $10,000 cap on state and local tax deductions, making them just one vote shy of the number needed to block the president’s tax plan in the narrowly divided House. “We’re in a state where both state and local taxes are quite high,” Rep. Jan Schakowsky, an Illinois Democrat, said in an interview on Bloomberg Radio. “But another tax break I don’t think is on the table right now. But we’ll see. This is a negotiation.”Schakowsky said that Pelosi is a skilled negotiator and that she has been able to convince nearly every Democrat to vote for all the major bills that have passed the narrowly divided House. House panel unanimously passes SECURE 2.0 3 4 The Gates divorce: Lessons for financial advisers “We say ‘No SALT, no deal.’ The GOP passed an unfair cap of $10,000 on state and local tax (SALT) deductions to pay for their 2017 tax giveaway,” Reps. Bill Pascrell and Josh Gottheimer of New Jersey and Tom Suozzi of New York said in a statement Tuesday. “Therefore, we will not accept any changes to the tax code that do not restore the SALT deduction and put fairness back into the system.”With 219 Democrats to 211 Republicans in the House, it only takes four Democrats defecting from their party and GOP members staying united to stall legislation. Republicans have already indicated that they will not vote for the tax increases on corporations in Biden’s infrastructure bill.But Pascrell, Gottheimer and Suozzi will be under heavy pressure from the White House and House Speaker Nancy Pelosi to get behind a major Biden initiative that Democrats are counting on to help them defy historical trends and hold on to control of the House and Senate in the 2022 midterm elections.The three lawmakers say that the $10,000 limit on SALT tax write-offs, which was passed in former President Donald Trump’s 2017 tax law, has hurt residents of their districts, with high costs of living and high state and local levies, by removing a substantial deduction on their federal taxes.Removing the cap, which would cost the federal government tax revenue, could become a key area of contention as Democrats seek to raise levies on corporations and the wealthy to pay for a bevy of infrastructure, health care and social programs. In addition to costing $88.7 billion a year — revenue that some Democrats would like to direct elsewhere — doing away with the SALT cap is a politically difficult issue for some members of Congress, because more than half the benefits flow to households earning more than $1 million a year, according to the Joint Committee on Taxation. InvestCloud to acquire Advicent and NaviPlan planning software SALT cap changes have support from key members of Congress and the Biden administration. Senate Majority Leader Chuck Schumer, a New York Democrat, also supports the effort. Treasury Secretary Janet Yellen told a congressional panel earlier this month that the SALT deduction limit causes “disparate treatment” among taxpayers and said she would work with lawmakers to resolve the issue. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. For reprint and licensing requests for this article, click here,MOST READ 5 House committee poised to advance SECURE 2.0 retirement savings bill 1last_img read more

Bonnaroo Announces Silent Disco Line Up: Passion Pit, Jazzy Jeff, DJ Logic

first_imgThe Bonnaroo Music and Arts festival has announced the line up for this year’s silent disco, and it features an exciting and diverse mix of artists from a variety of genres. Most notably, near-headliners Passion Pit will be hitting the decks for a DJ set. Another familiar name on the bill is DJ Jazzy Jeff, producer and DJ for Will Smith in the 80′s, as well as DJ Logic, who’se collaborated with dozens of top tier jam band artists.The festival has also announced the line up for the Solar Stage, which features more intimate performances and Q&A’s. The line up includes Allen Stone, The Revivalists, and The Preservation Hall Jazz Band.Tickets are still available through the festival’s official site, and you can see the full silent disco line up below.Silent Disco Line UpAtta UnsarDJ Jazzy JeffDJ KeebzDJ LogicJared DietchJonny SantosMSSL CMMNDPassion Pit (DJ Set)DJ Sam Spiegel of N.A.S.AVacationer (DJ Set)Y LUVlast_img read more