Infrastructure Package May Be Delayed By $10,000 Deduction

The new infrastructure package may be delayed by a $10,000 deduction.

Here’s what you need to know—and what it could mean for your bank account.

Infrastructure
President Joe Biden’s new infrastructure package — a $2.3 trillion infrastructure proposal — has met some opposition from an unlikely source: House Democrats. Members of the New York Congressional Delegation aren’t upset with the new infrastructure package. Rather, they’re potentially willing to oppose the infrastructure package based on this one thing: a cap on a $10,000 tax deduction that adversely affects residents of New York, California, New Jersey and other states. Some House Democrats feel so strongly about this one provision that “we will reserve the right to oppose any tax legislation that does not include a full repeal of the [state and local tax deduction] limitation.”