Part 2/7:
Senator John Thune, alongside Republican Congressman Ronny Jackson, highlighted the significance of the SALT (State and Local Tax) deduction in an ongoing political negotiation. Congressman Mike Lawler’s declaration that he wouldn’t support tax extensions without an increase to the SALT deduction exemplifies the intricate balance of power in Congress. The Republicans, holding a slim majority, face mounting pressure to accommodate members from states like New York and California, which have historically vocalized concerns about the limitations of SALT deductions.