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New York, New Jersey, California face long odds in scrapping SALT

Senate Majority Leader Charles Schumer (D-N.Y.) and Speaker Nancy Pelosi (D-Calif.) face an uphill battle on one of their top tax priorities, repealing the cap President Trump put on deducting state and local taxes.

Lawmakers bicker over how to go after tax cheats

Democrats and Republicans both say they want to narrow the gap between taxes paid and the amount owed, suggesting that going after tax cheats could garner bipartisan support as a potential revenue stream. But Republicans have become increasingly critical of the details in Biden’s proposal, a sign that hurdles remain to reaching an agreement on enforcement. ADVERTISEMENT “We should pursue bipartisan measures to reduce the tax gap and better enforce our tax laws,” Sen. John Thune Biden has called for providing the IRS with an additional $80 billion over the next decade to ramp up enforcement, update technology and improve customer service at the agency. He has also proposed requiring banks to include new info on account activity in annual reports to the IRS so that the agency can better target its audits.

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