Americans hoping to get full state and local tax deductibility back will have to wait.
Senate Finance Committee Chairman Chuck Grassley will not tweak the new state and local tax deduction cap while he leads the panel, a spokesman for the Iowa Republican said Thursday. U.S. residents are filing taxes for the first time this year under the new GOP-written tax code, which limited the deduction for those taxes to $10,000.
"The Senate Finance Committee won't be revisiting the SALT deduction reforms made in the Tax Cuts and Jobs Act under Chairman Grassley's leadership," Grassley spokesman Michael Zona said.
The statement comes a day after President Donald Trump said he would be "open to talking about" revising the deduction limit. Democrats slammed the policy change passed in December 2017 — and 11 Republicans from the high-tax states of New York, California and New Jersey voted against it. Multiple freshman House Democrats who unseated GOP lawmakers in those states in November ran in part on repealing the deduction limits.