Three House Democrats are threatening to stymie President Joe Biden’s attempt at a massive infrastructure plan, vowing to vote against any tax increase put forward by the administration that doesn’t include a repeal of the state and local tax deduction cap – a potent threat given Democrats’ 7-vote majority in the House.... [+]
the Problem Solvers Caucus to praise the forthcoming passage of the bipartisan emergency COVID-19 relief bill in a press conference outside the US Capitol on December 21, 2020 in Washington, DC. The bipartisan group took credit for leading the negotiations that led to a deal that will include direct payments, extended unemployment benefits and small business loans. Rep.
Suozzi said the cap has been a “body blow” to residents of his state and “middle-class families in New York,” blaming it for a population exodus from New York to lower-tax states and arguing “families will continue to leave” if it remains. Even after the cap kicked in 2018, New York ranked in the top 10 states benefiting from the deduction, along with other blue states like California, New Jersey and Maryland, as well as a handful of red and purple states, according to IRS data. according toSuozzi is joined in his pledge by Rep.
, urging caution about doing “anything that's too big or too much” in the midst of a pandemic and economic crisis.Tuesday evening affirming the “No SALT, No Deal,” pledge, arguing the cap has “crushed” residents of their districts.The SALT deduction allows taxpayers to write off state and local taxes and is aimed at providing a tax credit for local services like schools and emergency services. It was capped at $10,000 as part of the Tax Cuts and Jobs Act passed by Republicans in 2017.
My attempt to explain why it matters to everyone that the SALT cap be eliminated...
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