TPC: Those making over $430,000 get most of the benefit of a SALT cap repeal. Repealing the $10,000 cap on state and local tax (SALT) deductions would cut 2025 taxes by an average of more than $140,000 for the highest-income 0.1 percent of families. A repeal would provide little or no help to low- and middle-income households, according to a new Tax Policy Center analysis. Those making $430,000 or more get nearly three-quarters of the benefit of eliminating the cap. 

House set to vote today on stopgap spending patch. The bill would fund the federal government through Dec. 20 largely at current levels. The measure is expected to pass under a suspension of the rules, requiring a two-thirds majority in the House. Speaker Mike Johnson (R-LA) expects the bill to pass, reports Politico. 

Senate confirms Biden nominee for Tax Court. By a vote of 69 to 17, the Senate approved the confirmation of Judge Rose E. Jenkins to serve a 15-year term on the court. She is an attorney in the IRS Office of Associate Chief Counsel (Procedure and Administration). Three other nominees of President Biden to the Tax Court are awaiting confirmation: Jeffrey S. Arbeit, Cathy Fung, and Benjamin A. Guider, III. 

French finance minister considers tax increases. The French government is seeking additional revenue to address the country’s budget deficit. It’s studying targeted taxes on wealthy individuals and large companies. Finance Minister Antoine Armand said he wants to balance such efforts with President Emmanuel Macron’s pro-growth reforms.  

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