Apparently 5 Republican Reps from NY, NJ and California have rejected the proposed increase in the SALT deduction from $10k to $30k. They are looking for a cap closer to $124k for married filing jointly as part of the tax proposal in the Big Beautiful Bill. Speaker Johnson only has a 3 vote margin and if he lost these 5, the final budget bill would not pass through the house. I do not doubt that this gets resolved, but it will just be interesting to see who wins this tug-of-war over deductions. https://www.politico.com/live-updates/2025/05/14/congress/jason-smith-salt-deal-50-billion-00347925
They do need to increase SALT. Probably going from $10K to $124K is way too much. Perhaps compromise around $50K will be accepted...I know I want that $10K raised.
They always cave. It’s just performative theater for Donny to call them and make them an offer they can’t refuse.
That was a pretty good line. Rep Smith seemed petulant; it is quite common when coming before committees to be asked to read something.
https://www.crfb.org/blogsy/cbos-first-score-house-reconciliation-bill The Congressional Budget Office (CBO) released its first comprehensive estimate of the House’s Fiscal Year (FY) 2025 reconciliation bill – the One Big Beautiful Bill Act – finding that before accounting for interactions, the bill would add $2.3 trillion to deficits over the next decade. Incorporating our estimates of interactions and the adjustments announced by House leadership Monday, we estimate the bill would add $3.1 trillion to the debt as written. The bigger story is it adds an additional 3 trillion to the debt. That’s on top of the 2 trillion per year deficits and debt that were already happening.
No one needs tax cuts more than tanning bed buyers. Hopefully we kick a few people off Medicaid to offset.
No worries, the roughly $437 that DOGE ACTUALLY ended up really saving the government will more than cover it.
It will add about $3.8tn to the federal government’s $36.2tn in debt over the next decade, according to the nonpartisan Congressional Budget Office (CBO) House passes Trump’s sweeping tax-cut bill, sends it to Senate | House of Representatives | The Guardian
Well if the US is imploding like you’re rooting for then the democrats can put forward a budget when they control things that decreases the debt
Yes. I am rooting for Trump to raise tariffs, raise inflation, raise the deficit, raise money from the spending class, and lower taxes for the wealthy. This plan always ends up with the same republican output: Recession and unemployment.
But the Billionaire Bonanza bill simply takes 2% of the money from the poorest and gives it to the top 1% because...... they're already doing better than ever before but that's just not good enough.
