Myriad Issues Await as House GOP Contemplates Quick Tax Code Rewrite | Tax

Myriad Issues Await as House GOP Contemplates Quick Tax Code Rewrite

November 07, 2024

United States
United States
United States
Tax Notes

Partner Jeff Friedman is quoted in this Tax Notes article discussing if House Republicans will push for a tax code rewrite, with key debates around the state and local tax deduction cap (SALT cap) and its potential impact on other tax policies, influenced by President-elect Trump’s support for lifting the SALT cap.

In the interview, Jeff noted that while support for letting the SALT cap expire has lost momentum, the movement gained a significant ally in President-elect Trump. “I believe Trump has shown some sympathy,” he said, referring to Trump’s call to lift the $10,000 SALT cap.

The future of the SALT cap will depend on its interplay with other major tax bill items, such as a potential corporate tax rate cut. “It’s anyone’s guess as to what’s going to happen to the SALT cap; it’s a political issue as well as a fiscal one,” Jeff added.

There’s also talk of eliminating SALT cap workarounds, which could save the Treasury at least $10 billion a year. “You could even envision a situation where the SALT cap goes up but the workarounds go away,” Jeff suggested.

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jefffriedman@eversheds-sutherland.com

Jeffrey A. Friedman

Partner

Washington, DC, United States

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