GOP tax writers are abandoning their effort to repeal the State and Local tax deduction (known as SALT). After numerous Republican lawmakers heard from their voters, it was very clear this deduction was a no go.
If the GOP was able to include the deduction, it would have negatively affected real estate values, and even new home sales. It was clear Americans would have less household cash flow with the elimination of the State and Local tax deduction.
Just last week the National Association of Home Builders made it very clear they were against the repeal of SALT. As such they started an effort to defeat the GOP tax writers. Any member of Congress that supported it would be blacklisted.
This is just another one of the back door ways the GOP is attempting to make a grab at American’s money under the guise of Tax Reform.
Now it’s back to the table for tax writers. They need to fill in the revenue gap with another tax grab.
We should know shortly. Tomorrow they are supposed to release a summary of the details of the plan.