Senate Finance Committee Chairman Chuck Grassley (R-Iowa) will not tweak the new state and local tax deduction cap while he leads the panel, CNBC.com reported. U.S. residents are filing taxes for the first time this year under the new GOP-written tax code, which limited the deduction for those taxes to $10,000. "The Senate Finance Committee won't be revisiting the SALT deduction reforms made in the Tax Cuts and Jobs Act under Chairman Grassley's leadership," Grassley spokesman Michael Zona said. The statement comes a day after President Donald Trump said that he would be "open to talking about" revising the deduction limit. Speaking to regional reporters on Wednesday, Trump said that "some people from New York have been speaking to me about doing something about that, about changing" the cap. He did not say what potential tweaks he would consider.
