Accounting
Trump pledges to restore SALT write-off at Long Island rally
Donald Trump pledged to lift a cap on the state and local tax deduction valuable to many New York homeowners that he imposed as president.
“I will cut taxes for families, small businesses and workers, including restoring the SALT deduction, saving thousands of dollars for residents of New York, Pennsylvania, New Jersey and other high cost states,” Trump said, referring to the acronym for the state and local tax write-off, at a rally Wednesday.
Trump made the pitch in an unorthodox campaign spot — New York’s Long Island. SALT is particularly salient in New York’s suburbs, where high tax rates and high property values mean that residents are more likely to have hefty state and local tax bills.
Michael M. Santiago/Getty Images
The Tax Cuts and Jobs Act, Trump’s signature tax law, capped the value of the SALT deduction at $10,000, regardless of marital status. Limiting the deduction has a disproportionate effect on communities with higher taxes and property values — areas which tend to be dominated by Democrats, including New York and New Jersey.
Wednesday’s rally took the former president — with under 50 days until Election Day — outside of the swing states likely to determine November’s election outcome. While New York is Trump’s home state — and he has said he thinks he can carry the state — no Republican presidential candidate has won the state since 1984 and polls show his opponent Democratic Vice President Kamala Harris with a double-digit lead.
The New York City suburbs are also home to several swing congressional districts where the outcome could determine whether Republicans are able to hold onto their narrow majority in the House.
The setting — in Uniondale, New York — also highlights how Trump and Harris are both seeking to court suburban women and independent voters, looking to expand their electoral coalitions beyond their already fervent bases, and draw from a shrinking pool of undecideds.
Central to that pitch is the economy and addressing the concerns among those voters and Americans at large over high prices and costs, including for housing, as well as anxiety over jobs and wages — with the two candidates competing with a slew of promises to offer tax benefits or cuts to ease the financial burdens on U.S. households.
Trump has flirted with reviving the SALT deduction before, but Democrats scoffed at the timing of the former president’s latest comments.
“Trump was the one who took away SALT. It hurt many New Yorkers, including lots on Long Island,” Senate Majority Leader Chuck Schumer of New York said Tuesday. “Now that he’s going back to Long Island for the first time he changes his mind? Give me a break.”
New York House Republicans are exerting pressure on Trump to address SALT, which is an important electoral issue in their districts. Several members, including Representative Mike Lawler, face close reelection races in the areas surrounding New York City.
“I previously raised it with him in August,” Lawler said Tuesday, referring to a conversation he had with Trump about SALT. “I know others have raised it with him as well. It’s an issue that matters, and I think he recognizes that.”
Trump also made another pledge to appeal to households burdened by consumer debt: a temporary 10% cap on credit card interest. The average interest rate was 21.51% commercial bank credit cards in May 2024, according to Federal Reserve data.
Trump did not provide any details about how he plans to lower credit card rates, which are set by banks and vary based on the Fed’s interest rate and the borrower’s risk profile. The central bank’s announcement to lower interest rates by a half of a percentage point will likely only slightly lower credit card borrowing costs.
Trump also promised to designate the Sept. 11, 2001, Ground Zero site at the World Trade Center a national monument, which would put it under the protection of the National Park Service. Trump called the space “hallowed ground” and said it was important to remember those who perished by preserving it “for all time.”
Tax-centric campaign
Repealing the SALT cap is the latest in a series of tax breaks Trump has proposed in an effort to sway voters, following pledges to end taxes on overtime, tipped wages and Social Security benefits. And he’s called for renewing tax cuts from his signature 2017 law that are slated to expire next year and for reducing the corporate tax rate even further to 15% from 21%.
Harris also supports eliminating taxes on tips, and has vowed to end subminimum wages for tipped workers. She’s proposed several measures to help lower costs for households and small businesses. She’s also pitched a 28% capital gains tax rate on people earning $1 million or more and raising the corporate tax rate to 28%.
Those competing plans would all come with big price tags and spark a fierce battle over tax policy in the next Congress. Repealing the SALT cap alone would add more than $1 trillion to the cost of the tax law extension over the next 10 years, according to the Committee for a Responsible Federal Budget.
Trump and Harris both have competing plans to make housing more accessible. Harris has promised $25,000 down-payment assistance for first-time home buyers, while Trump pledged to reduce regulatory obstacles to building new homes and opening portions of federal land for housing construction.
New York state at large is dealing with a lack of affordable places to live after years of adding more jobs than homes. Housing production in New York City’s suburbs is far behind other major urban centers.
Aprio, a Top 25 Firm based in Atlanta, has acquired JMS Advisory Group, a firm that specializes in unclaimed property compliance and escheat process development, also based in Atlanta
Financial terms of the deal were not disclosed. Aprio ranked No. 24 on Accounting Today’s just released
JMS was founded in 2006 and helps clients mitigate risk and capitalize on opportunities through managed unclaimed property compliance. The team includes attorneys, CPAs, CFEs and others.
JMS has a wide range of clients, including enterprise companies, financial institutions, credit unions, insurance companies, hospitality and health care organizations.
“As Aprio continues its rapid growth, we are committed to expanding our services to meet the evolving needs of our clients,” said Aprio CEO Richard Kopelman in a statement Tuesday. “The addition of JMS gives us the opportunity to continue strengthening our position as a future-focused advisory firm. JMS’s focus on escheat management and asset recovery not only enhances our current capabilities but also allows us to deliver even more impactful solutions to help businesses navigate complex compliance challenges.”
JMS president and CEO James Santivanez is joining Aprio as a partner and provides guidance to clients on unclaimed property and state and local tax issues.
“We created JMS to make an impact nationally in the unclaimed property consulting industry, and I’m proud of our nearly 20-year history of helping clients mitigate risk and capitalize on opportunities resulting from accurate and properly managed unclaimed property compliance,” Santivanez said in a statement. “Joining with Aprio takes us to the next level, allowing us to build upon our success while providing even greater value to our clients. This is an exciting next step in our journey.”
JMS founder and director Sherridan Santivanez is also joining Aprio as a partner. He specializes in representing clients before state enforcement authorities and managing complex audits and voluntary disclosures for some of the world’s largest companies. She provides strategic guidance on audit preparation and navigates interactions with state and third-party auditors.
Aprio received a
The American Institute of CPAs and the National Association of State Boards of Accountancy are asking for comments on their proposal for an additional pathway to CPA licensure through
The AICPA and NASBA proposed the
The UAA changes would:
- Enable states to adopt a third licensure pathway that requires earning a baccalaureate degree with an accounting concentration, completing two years of professional experience as defined by Board rule, and passing the Uniform CPA Examination;
- Shift to an “individual-based” mobility model, which allows CPAs to practice in other states with just one license; and
- Add safe harbor language to ensure CPAs who meet existing licensure requirements preserve practice privileges.
The proposals come as several states are already moving forward with their own changes, including
The updates reflect feedback gathered during a late 2024 exposure draft period and forward-looking solutions being advanced by state CPA societies and boards of accountancy to increase flexibility for licensure candidates while maintaining the integrity of the CPA license.
The AICPA and NASBA are asking for comments on the proposed changes by May 3, 2025. They can be submitted through this
The UAA offers state legislatures and boards of accountancy a national model they can adopt in full or in part to meet the licensure needs of each jurisdiction.
The proposal would maintain the current two pathways to CPA licensure:
- Earning a post baccalaureate degree with an accounting concentration, completing one year of professional experience as defined by Board rule, and passing the CPA exam; and,
- Earning a baccalaureate degree with an accounting concentration, plus an additional 30 semester credit hours , completing one year of professional experience as defined by Board rule, and passing the CPA exam.
Small business employment held steady last month, according to payroll company Paychex, while wage growth continued below 3%
The
“Our employment data continues to show moderate job growth and wage growth below three percent,” said Paychex president and CEO John Gibson in a statement Tuesday. “The consistent long-term trend we’re seeing is a small business labor market that is resilient and stable with little job movement among workers. At the same time, small business owners are optimistic about future business conditions despite uncertainty about how to adapt to a rapidly evolving legislative and regulatory landscape.”
The Midwest remained the top region in the country for the ninth consecutive month with a jobs index level of 100.54. Seven of the 20 states analyzed gained more than one percentage point in February, led by Texas (up 2.11 percentage points).
Phoenix (101.92) increased its rate of small business job growth for the fourth month in a row in February to rank first among the largest U.S. metros.
Construction (3.29%) regained its top spot among industries in terms of hourly earnings growth in February, followed closely by “other services” (3.27%) and manufacturing (3.21%).
The pace of job growth in manufacturing gained 2.39 percentage points to 99.52 in February, the industry’s biggest one-month increase since April 2021.
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