A U.S. House bill proposes raising the federal deduction cap for state and local taxes (SALT) to $40,000, potentially benefiting affluent earners in high-tax states. This adjustment, phasing out for incomes over $500,

Republicans in the House stayed up all night to pass their multitrillion-dollar tax breaks package, which includes a quadrupling of the state and local tax deduction, or SALT. The bill would set the SALT cap at $40,