On May 21, according to foreign media reports, Speaker of the U.S. House of Representatives Johnson said that Republicans have reached an agreement to increase the state and local tax (SALT) relief to $40,000, which means that one of the last issues blocking Trump’s economic bill has been resolved. Responding to a question about raising the deduction cap from $10,000 to $40,000 over 10 years, Johnson said Wednesday: “This is the agreement we reached, and I think the SALT caucus, as they call themselves, is not everything they want, but I think they know it’s a huge step forward for their constituents and it gives them a lot to go home and talk about.” According to a person familiar with the matter, the $40,000 SALT limit will be phased out for those earning more than $500,000 a year.
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