President Donald Trump called for Congress to expedite the passage of a tax bill following a provisional agreement on the state and local tax (SALT) deduction.
Trump's Deadline for the Tax Bill
Trump wrote on Truth Social that the House of Representatives must be ready to send the bill to his desk before July 4th. He expressed confidence that this could be accomplished, though he also noted earlier that missing the deadline would not be the "end-all" if negotiations took longer.
Optimism Among SALT Negotiators
Bessent, discussing the bill, stated that he had a discussion with the 'SALT Republicans' at the Treasury Department. He indicated that 'we're very close to a deal' and urged all sides to put aside individual interests for the common good. Lawmakers from high-tax districts want to raise the deduction cap to $40,000, while the current draft in the Senate keeps it at $10,000.
Potential Implications for the Bill
Several lawmakers from high-tax districts expressed that they would vote against the entire bill unless the cap is raised. Meanwhile, negotiators are uniting around maintaining the $40,000 limit, but senators are suggesting to trim other parts of the House plan.
The progress of the tax bill remains uncertain due to ongoing negotiations between Republicans and potential changes to stipulations, which may affect voting in the House.
