New York Republican floats higher tax rate to pay for SALT

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New York Republican floats higher tax rate to pay for SALT

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New York Republican floats higher tax rate to pay for SALT

^{Published on 2025-05-17 20:26:29 - Fortune}

"The One Big Beautiful Bill has stalled
and it needs wind in its sails," New York Representative Nick LaLota posted Saturday on X.

The article from Fortune, published on May 17, 2025, discusses a proposed Republican plan to increase tax rates for high-income earners while simultaneously expanding the State and Local Tax (SALT) deduction. This proposal, dubbed the "Big Beautiful Bill" by former President Donald Trump, aims to address fiscal challenges by targeting wealthier individuals. The plan suggests raising the top marginal tax rate and adjusting the SALT deduction cap, which was previously limited to $10,000 under the Tax Cuts and Jobs Act of 2017. The article highlights the political and economic implications of these changes, noting that they could significantly impact taxpayers in high-tax states and potentially reshape the GOP's tax policy approach.

Read the Full Fortune Article at:
[ https://fortune.com/2025/05/17/republican-higher-tax-rate-salt-deduction-trump-big-beautiful-bill/ ]

N@N

New York Republican floats higher tax rate to pay for SALT