Blue-state lawmakers launch effort to repeal SALT cap
Source: Politico
SADDLE BROOK, N.J. — New Jersey Sen. Bob Menendez and other members of the state’s congressional delegation announced legislation Monday that would repeal the cap on state and local income tax deductions enacted as part of the Tax Cuts and Jobs Act, H.R. 1 (115).
Menendez (D-N.J.) and Rep. Bill Pascrell (D-N.J.), the primary sponsors, say their bill would pay for the cost of removing the $10,000 cap by restoring the top income tax bracket to 39.6 percent. While that’s likely a nonstarter with many in the GOP, Rep. Chris Smith (R-N.J.) — New Jersey’s only Republican congressman — is also sponsoring the legislation.
The lawmakers said Monday there was anecdotal evidence middle-class Americans in high-tax states were seeing their federal tax bills increase as a result of the limit on such deductions, known as SALT. The legislation enacted last year by President Donald Trump is hurting, not helping, many taxpayers, they said.
“President Trump and his Republican allies in Congress promised middle class families thousands of dollars in tax relief and a $4,000 raise in their salaries,” Menendez said at a press conference at an accounting firm in northern New Jersey. “But all they got was $1.5 trillion more in debt and an economy that is even more rigged for big corporations and big CEOs.”
Read more: https://www.politico.com/states/new-york/albany/story/2019/02/11/blue-state-lawmakers-launch-effort-to-repeal-salt-cap-847174
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