Legislation
Breaking news and analysis on the latest legislation and activities affecting financial services from Capitol Hill.
SALT Cap Is Poised to Get Looser as Democrats Debate Tax Relief
By Laura DavisonHouse Democrats want to raise the cap to $80,0000, while Senate Democrats aim to phase out the deduction for those with about $400,000 or more in income.
November 04, 2021
Backdoor Roth Lockdown Plan Is Back; Here's What Advisors Should Do Next: Ed SlottUnder the Democrats' revised plan, the backdoor Roth curbs wouldn't take effect until 2029.
November 03, 2021
Democrats Weigh Enlarging AMT to Counter SALT ExpansionAn expanded AMT could mean higher taxes for some top earners, even if they're eligible for lots of credits and deductions.
November 02, 2021
SALT Cap Suspension for 5 Years Emerges as Leading OptionA group in the House has vowed to block Biden's economic agenda until the $10,000 deduction limit is addressed, but Senator Bernie Sanders says such a plan is "unacceptable."
November 02, 2021
Rep. Neal Vows to Fight On for IRA Changes, Secure Act 2.0In Build Back Better talks, lawmakers are "getting closer by the hour; we're still struggling over the SALT cap," he said.
November 02, 2021
How Super-Wealthy Americans Fare Under Biden's New Tax PlanHardest hit are those who make lots of money but have few legal options for sheltering it, like business owners.
October 29, 2021
Biden Plan Drops Retirement Changes, Leaves Backdoor Roths IntactMeanwhile, retirement trade group IRI is shifting its efforts toward the Secure Act 2.0, which raises the RMD age.
October 29, 2021
What Does a Short-Term Boost Do for Social Security? Plenty, Says a Top AnalystMany changes in the Social Security 2100 bill are short-lived but significant, Martha Shedden tells ThinkAdvisor.