Raising the SALT cap would largely benefit high-income households. A Tax Policy Center analysis finds that doubling the state and local tax (SALT) deduction cap from $10,000 to $20,000 for married couples—a move reportedly pitched by the incoming Trump administration—could add $225 billion to the federal debt over a decade while providing limited benefits to middle- and low-income households. Nearly all the gains would go to households making $200,000 or more annually. could add $225 billion to the federal debt over a decade while providing limited benefits to middle- and low-income households. Nearly all the gains would go to households making $200,000 or more annually.  

IRS nominee faces criticism over tax expertise and fraud concerns. President-elect Trump’s nominee to lead the IRS, Billy Long, is under scrutiny, reports CBS News. Sen. Elizabeth Warren (D-MA) has raised questions about Long’s qualifications and his promotion of the employee retention tax credit, a program allegedly rife with fraudulent applications. While Democrats have concerns about Long’s limited tax and management experience, Senate Finance Chair Mike Crapo (R-ID) has voiced his support for Long’s nomination. 

UBS nears settlement over Credit Suisse’s tax evasion violations. The Wall Street Journal reports that UBS is expected to pay hundreds of millions of dollars to resolve Justice Department claims tied to Credit Suisse's role in facilitating tax evasion by American clients. This settlement follows the UBS acquisition of Credit Suisse in 2023 and ongoing scrutiny of Credit Suisse’s compliance with a 2014 plea agreement.  

Michigan extends tax breaks to boost data center investments. Michigan has finalized legislation extending sales and use tax exemptions for data centers, aiming to attract significant digital infrastructure investments. Facilities spending over $250 million are eligible for tax breaks lasting until 2050, with further incentives for brownfield redevelopment sites. Environmental concerns had delayed the bill, which now requires sustainable practices from beneficiaries. 

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