SALT Tax Deduction a Sticking Point for Senate Democrats

The transcript discusses Biden's tax plan, focusing on the debate over the SALT deduction. Bill Ackman criticizes the proposed increase to $80,000. Senate Democrats are working on a bill to address this, with differing views from Senators Sanders and Menendez. The bill's progress is slow, with a goal to pass it by Christmas, but Democrats are flexible on the deadline, aiming to make any changes retroactive if needed.

What is the current state and local tax deduction limit mentioned in the discussion?

What is the proposed new limit for the SALT deduction as discussed in the text?

Who are the two senators primarily involved in the discussion about the SALT deduction?

What is the significance of the child tax credit mentioned in the text?

What deadline do Democrats seem to be downplaying regarding the tax plan?