Johnson nears last-minute SALT deal with blue state GOP holdouts

The House GOP's blue state holdouts are close to a deal on the "big, beautiful bill" that would raise the state and local tax (SALT) deduction cap to $40k a year for people making up to $500,000 a year, sources familiar told Axios. Why it matters: Getting the blue state holdouts on board is a must-do for House Speaker Mike Johnson, who wants a House floor vote Wednesday on the full bill. Zoom in: Johnson offered the holdouts on Monday an increase for the state and local tax (SALT) deduction cap from $10,000 to $40,000 a year, within income limits. The speaker then got an assist from President Trump, who told the holdouts to cut a deal and warned them to stop pushing so hard.The agreement that's in final negotiations is a $40k a year cap for people making up to $500,000 a year. The income phaseout would grow 1% a year for 10 years, and then the deduction would become permanent. Not all the details have final agreement, but sources said they're making progress and they expect most SALT members to agree to the terms before passage. The bottom line: That number would keep the GOP within the $350 billion window that it has left for cuts, according to the reconciliation bill instructions.

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