Laura Davison

Well-off professionals in costly areas of the U.S. are set to get a windfall from competing plans to change the deduction limit for state and local taxes.

Sen. Bernie Sanders is working on a proposal to set an income threshold for an unlimited state and local tax deduction.

Legislators are anticipating the Congressional Budget Office projections, which will be released by Friday.

Despite a host of issues, they aim to vote this week on the roughly $2 trillion tax and spending bill.

Lawmakers representing high-tax areas are pushing to make the SALT deduction on federal income taxes a priority.

Middle-class households in New Jersey and other high-tax states would benefit from an expansion of the deduction, a key House Democrat said.

There were last-minute changes on modifying the SALT deduction and a provision allowing Medicare to negotiate drug prices.

Congressional Democrats floated fresh proposals on how to increase the federal deduction on state and local taxes, but House and Senate lawmakers were at odds over whether the very rich should be allowed to take the tax break.

Democrats have found new urgency to pass the roughly $1.75 trillion tax and spending plan as well as an infrastructure bill with $550 billion in new spending after being stung by a Republican sweep of statewide races in Virginia.

The move would help offset the benefits from a proposed expansion of the federal deduction of state and local taxes.

The outline of the tax and spending bill provided a breakthrough after a long standoff between moderate senators and progressive Democrats.

The president’s tax agenda, crafted by experts who worked on the proposals for years and wrote books about their ideas, is getting a wholesale revamp as Democrats battle to find a program their caucus can unite behind.

Senate Democrats detailed their proposed levy on the ultra-wealthy, a new and logistically risky approach to taxation.

President Biden will likely be unable to keep one of his key campaign promises because of unyielding resistance among even some in his own party to raise taxes.

The Arizona Democrat — who has opposed raising rates on corporations and individuals — will back ways of increasing revenue from domestic corporations, global companies, high net-worth individuals and through tax enforcement.

President Joe Biden’s acknowledgement that he doesn’t have sufficient Senate Democratic backing for his proposed increase in the U.S. corporate tax rate gives fresh impetus to efforts by negotiators to find alternative revenue sources for a sweeping social-spending bill.

They're exploring alternatives after months of focusing on proposals to increase tax rates on income and capital gains.

Congressional Democrats are at odds over President Biden’s economic agenda, even as party leaders aim to have a deal outline by the end of the week.

The spending package could still include a measure to expand or temporarily remove the cap on the deduction on state and local taxes.

Lawmakers are rejiggering the proposal after a wave of criticism by Republicans and bank lobbyists.