Trump Supports State Income Tax Break With Cap, Says Cohn

The transcript discusses the potential expansion of the property deduction cap to include state income tax deductions. It highlights concerns from SALT members in the House and the possibility of expanding the $10,000 deduction to cover income taxes. The White House is supportive if the conference committee agrees. The discussion also touches on the corporate rate and the legislative process, emphasizing the need for a bill that gains support in both the House and Senate.

What is the main concern of the House regarding the SALT members?

• Eliminating state income tax deductions

• Increasing the corporate tax rate

• Reducing the property deduction cap

• Expanding the $10,000 deduction to include income taxes

How does the White House view the potential expansion of the $10,000 deduction?

• They want to reduce the deduction further

• They are indifferent to the changes

• They support it if it aligns with the conference committee's decisions

• They oppose it completely

What is the role of the conference committee in the tax deduction changes?

• To work out the details of the tax bill with input from both the House and the Senate

• To finalize the tax bill without any input from the White House

• To eliminate the $10,000 deduction entirely

• To increase the corporate tax rate

Who is responsible for writing the tax bill?

• The House and the Senate together

• The White House alone

• The SALT members

• The Senate alone

What must happen for the tax bill to be enacted?

• It must be rejected by the conference committee

• It must be supported by the SALT members

• It must be voted on by both the House and the Senate

• It must be approved by the White House only