House Votes to Repeal SALT Cap in Token Win for New Yorkers

(Bloomberg) -- Democrats from high-tax states scored a symbolic victory Thursday as the House voted to repeal a politically fraught portion of President Donald Trump’s tax law: the cap on state and local tax, or SALT, deductions.The legislation would repeal the $10,000 cap in 2020 and 2021, and raises it to $20,000 for married couples for 2019. The measure is offset by raising the top individual tax rate to 39.6% from 37%.Republicans, with Democratic support, amended the legislation at the