Senate Tackles Bill Over Weekend Array ( [cookie] => c206b4-c8ff32-a5f9ff-c3ff64-541ccc [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 225768 [user_id] => [reason] => [method] => ) 1 and can accesss
The House passed the Big Beautiful Bill, and it’s now before the Senate with both the White House and the Congressional Republican leadership looking for passage by July 4. As a Congressional aide, we had an expression we used when legislative deadlines came up against a Congressional break: nothing moves Congress faster than the smell of jet fumes. In other words, they want to get back to their districts or states and this is especially true for July 4, as every community has a parade in which House Members and Senators want to participate. However, at this point, a passage by next Friday looks like a tough lift, not impossible but tough.
Today, Congressional leaders announced an agreement on one of the more challenging issues, deducting state and local taxes (SALT). The 2017 Trump tax bill limited the SALT deduction to $10,000. Republican House Members from the high tax states of New York, California, and New Jersey announced they couldn’t support the bill unless there was an increase in SALT deduction and the House bill raised the level to $40,000. The agreement will raise the limit to $40,000, but the higher limit will end after four years. The SALT Members have said they can support the compromise.


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Thomas J. Lee
Head of Research
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