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House Democrats Propose Slightly Less Ambitious Tax Plan Than First Outlined

1920px-United_States_Capitol_-_west_front first proposed Biden Administration Bloomberg stepped-up basis the Wall Street Journal

 
Bloomberg noted that there is no mention of removing or at the very least raising the $10,000 cap on state and local tax (SALT) deductions, which previously had been described as a hard requirement for legislators from New York, New Jersey and California for their support of the bill. Bloomberg said that these lawmakers still consider a SALT deal essential; considering the thin margins of control the party has, it is unknown how Democrats will get these legislators on their side. 

The House Ways and Means Committee intends to vote on the tax package this week.