Marc Gerson Comments on Congressional SALT Negotiations in Bloomberg Government
"Biden Disappoints SALT Democrats, Setting Up Headache for Pelosi"
Marc Gerson, former majority tax counsel to the U.S. House of Representatives Committee on Ways and Means, commented on the possible impact on congressional negotiations over President Joe Biden's infrastructure and spending proposals given his decision to leave in place a $10,000 cap on state and local tax (SALT) deductions. Gerson said Congress is just at the beginning of a very long negotiation, and the demands for a full repeal of the SALT cap are an opening bid. Gerson noted that lawmakers may eventually accept something less than full repeal, like an increase in the cap or a temporary repeal that would exclude the very wealthy. "There's a lot of ways to skin the cat," Gerson said.