The Senate passed the "One Big Beautiful Bill Act" to raise the SALT deduction cap from $10,000 to $40,000 through 2030. Boston Firefighters Local 718 leaders endorsed this plan, emphasizing its positive impact on community stability and financial relief for members. Critics in the Senate express concern about increasing national debt and potential cuts to Medicaid, forecasting over $4 trillion in debt added by 2034. The SALT deduction primarily benefits high-income taxpayers, allowing them to deduct state and local taxes paid.
"President Trump's plan on the SALT reduction will provide immediate assistance and relief to our members, preventing them from being forced out of the communities that we live in, take pride in, and we serve in moments of crisis."
"The SALT deduction allows taxpayers who itemize to deduct property, sales, or income taxes already paid to state and local governments, according to the Tax Foundation, which said it disproportionately benefits high-income taxpayers."
"The Senate's bill would raise that cap to $40,000 through 2030, according to CNBC, before reverting back to the $10,000 cap."
"The Committee for a Responsible Federal Budget claims the bill passed by the Senate is expected to add more than $4 trillion to the national debt through Fiscal Year 2034."
Collection
[
|
...
]