The Powers That Be: Daily Trump Tariff Shockwaves & A House Quasi War
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Nov 30, 2024 Joining the discussion is Abby Livingston, Puck's Capitol Hill correspondent known for her sharp insights on political dynamics. She unpacks the contentious renewal of Trump-era tax cuts, particularly the SALT deduction cap's ramifications for Republican candidates in blue states. The conversation shifts to looming trade tensions and potential midterm fallout. They also explore the implications of Trump's tariffs on major trading partners and Elon Musk's controversial F-35 dealings, illuminating the intricate web of current political strategies.
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SALT's Impact on 2018 Elections
- In 2018, the SALT deduction cap fueled a blue wave in Orange County, CA, and NY/NJ suburbs.
- These areas, crucial for House control, saw voters using "SALT" as shorthand for the issue in political ads.
SALT Deduction Expiration
- The 2017 Trump tax cuts, particularly the cap on the State and Local Tax (SALT) deduction, are expiring.
- This impacts residents of high-tax blue states who deduct significant property taxes, creating geographic tension.
Legislative Challenges
- House Republicans' slim majority empowers individual members, potentially slowing down legislative initiatives like tax cut renewals.
- This, coupled with Trump's unpredictability, makes even broadly agreed-upon issues difficult.