Senate/House to add back in SALT capped at 10k?

[Fitzy1]

Please better inform me if I'm incorrect about this - but didn't previous versions completely eliminate state and local tax deductions from federal amounts due?

This article posted on MSN homepage this morning mentions both an agreement for capped 10k deduction for SALT, but also keep the previously suggested increased standard deduction at 12k for singles and 24k married. I believe Trump was pushing for 20% corp tax rate, but this article lists it at 21% - I'm assuming the 1% difference added back in might represent the 10k SALT deduction.

Unfortunately there is no time stamp or date on the article, so even though it was posted today, who really knows how current it is.
http://www.msn.com/en-us/news/politics/gop-reaches-tax-deal-to-slash-corporate-and-individual-rates/ar-BBGHJWC?li=BBnb7Kz&ocid=UE12DHP

Am I reading this correctly? Thoughts?

[dandarc]

eh, hard to tie one to the other directly - lots of + and - changes since the proposals started coming out.

I'm just going to wait for the IRS guidance once the changes are actually law and plan on about the same taxes next year.

[terran]

I think the Senate bill had it and the House bill didn't, so maybe it will be kept once they combine them, maybe not.

[foobar]

I think the Senate bill had it and the House bill didn't, so maybe it will be kept once they combine them, maybe not.

The latest I think is 10k match as a combo of income/property tax/sales tax. I have to assume this is on top of the 12k/25k standard deduction unlike today since otherwise it makes no sense.

And the real fun is what happens in 6 years when a bunch of this crap expires. Makes planning for the long term really hard.

[SaucyAussie]

I think the Senate bill had it and the House bill didn't, so maybe it will be kept once they combine them, maybe not.

The latest I think is 10k match as a combo of income/property tax/sales tax. I have to assume this is on top of the 12k/25k standard deduction unlike today since otherwise it makes no sense.

And the real fun is what happens in 6 years when a bunch of this crap expires. Makes planning for the long term really hard.

The 10K SALT deduction would be instead of the standard deduction.  So you would need other significant deductions such as mortgage interest and donations to take advantage of it. 

It's a bit of a compromise to help out high tax states - it didn't really make sense to allow a property tax deduction but not state income tax deduction, so this is an improvement from that perspective.

[BigRed]

Please better inform me if I'm incorrect about this - but didn't previous versions completely eliminate state and local tax deductions from federal amounts due?

This article posted on MSN homepage this morning mentions both an agreement for capped 10k deduction for SALT, but also keep the previously suggested increased standard deduction at 12k for singles and 24k married. I believe Trump was pushing for 20% corp tax rate, but this article lists it at 21% - I'm assuming the 1% difference added back in might represent the 10k SALT deduction.

The 1% increase in the corporate tax rate represents a reduction in the top rate from 39.6% to 37%, for taxpayers with over $1 million in income.  It has nothing to do with SALT.  I read that they were talking about having the individual tax cuts expire one year earlier, after 6 years instead of 7, to handle other cost increases.  I'm not sure why they don't just make it one year, since it's all bullshit anyway.