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Will President Biden seek to repeal the $10,000 cap on federal deductions for state and local taxes, known as SALT? Many conservatives say the SALT cap, part of the Tax Cuts and Jobs Act of 2017, should remain in place because repeal would primarily aid high-income households in Democratic states. Open and shut case for Republicans, right? Not so fast.
Senate Minority Leader Chuck Schumer (D-N.Y.) railed last week against Republicans’ proposal to modestly reduce unemployment insurance benefits. Republicans were concerned that the $600 weekly unemployment insurance benefit has harmed the recovery from the severe disruptions caused by partial economic shutdowns in response to COVID-19.
Only a few days after Congress passed a massive $2.3 trillion bill, the CARES Act, in response to the COVID-19 crisis, some in Congress are already eyeing a “Phase IV” bill as a vehicle for their pet legislative priorities that have nothing to do with the pandemic. As we learned last week, Speaker Nancy Pelosi (D-Calif.) was more than willing to use this crisis to shill for leftist policies, but it’s becoming a bipartisan problem.