Jim Jordan's Speaker Candidacy Stalled by SALT Tax Deduction and Government Shutdown Concerns
Originally Published 2 years ago — by Yahoo Finance
The debate over the state and local tax (SALT) deduction has become a significant factor in the GOP opposition to Rep. Jim Jordan's candidacy for Speaker of the House. Several New York Republicans have cited SALT as a key reason for their hesitancy to support Jordan. With a slim GOP majority, Jordan can only afford to lose four votes, and he has seen 22 Republicans oppose him in the latest round of voting. Efforts to negotiate on SALT, including doubling the cap to $20,000, have so far fallen short. The SALT deduction cap of $10,000 per household is set to expire in 2025, but these congressmen are pushing for action sooner.