Tax that man behind the tree.
Posted on 05/12/2019 11:33:56 AM PDT by Tolerance Sucks Rocks
Sherrill, Stefanik, King, and Cisneros Introduce Bipartisan SALT Bill to Increase Cap
Washington, DC – Today, Representative Mikie Sherrill (D-NJ) announced the introduction of bipartisan legislation with Representatives Elise Stefanik (R-NY), Peter King (R-NY), and Representative Gil Cisneros (D-CA) to raise the State and Local Tax (SALT) deduction cap. The 2017 Tax Cuts and Jobs Act limited the SALT deduction to $10,000, and married couples filing jointly are harmed by having the same limit to $10,000 cap as individuals. The SALT Relief and Marriage Penalty Elimination Act would make the SALT deduction equal to the standard deduction taken by taxpayers, encouraging homeownership and charitable giving.
The SALT Relief and Marriage Penalty Act will raise the cap on the SALT deduction to equal the levels of the standard deduction:
“Imposing a $10,000 cap on SALT deductions has nothing to do with thoughtful tax policy,” said Representative Mikie Sherrill (D-NJ). “It’s simply an attack on New Jersey residents, businesses, and homeowners, and unfairly limits married couples to the same $10,000 cap as individuals. I am working on full repeal of the SALT deduction cap, but this bipartisan bill will begin to right the wrong done to New Jersey and raise the SALT deduction across the board, and restore incentives for charitable giving and homeownership. I’m proud to partner with Representatives King, Stefanik, and Cisneros to provide relief to middle-class families who have been penalized by double-taxation.”
“New York is one of the highest taxed states in the country and many families in my district rely on this important deduction,” said Representative Elise Stefanik (R-NY). I believe the SALT deduction cap in the Tax Cuts and Jobs Act is a form of double taxation on hardworking North Country families, and I am proud to introduce this commonsense bill to bring parity to 21st District taxpayers and encourage homeownership for healthy, thriving communities.”
“By eliminating deductions for local and state taxes the tax reform plan will have a devastating effect on New York,” said Representative Peter King (R-NY). We give far more to Washington then we get back. For every dollar we give, we get $.79 back. That’s a $48 billion shortfall and hurts our middle class not only on Long Island and in New York but New Jersey as well.”
“I am proud to join my colleagues in introducing this bipartisan bill that will change the State and Local Tax (SALT) deduction cap. The cap on the SALT deduction has had a harmful effect on middle-class families, especially those in my Southern California district,” said Representative Gil Cisneros (D-CA). “I have heard from too many families who are struggling after being hit with a larger tax bill due to the current SALT provision, which disproportionately affects married couples. This legislation is a reasonable fix that will ensure the SALT marriage penalty is eliminated and take steps to lower taxes for all Americans.”
“We appreciate Representatives Sherrill, Stefanik, Cisneros, and King’s bipartisan efforts to provide tax relief while we continue to advocate for a full repeal of the SALT deduction cap,” said National Association of Counties CEO Matt Chase. “We stand firm that the SALT deduction is a ‘tax expenditure’ on paper only under arcane federal budget rules. State and local taxes predate the creation of the IRS tax code in 1913, with local property taxes dating back to 1796. Just as critics feared with the adoption of the 16th Amendment to the U.S. Constitution, we now have federal intrusion into the taxation decisions of co-sovereign states and their local governments. SALT was one of the six original federal tax deductions to ensure our residents do not face double taxation. Unfortunately, recent changes to the SALT provision punishes homeowners, public schools and counties for investing in their local communities.”
In 2016, there were 108,000 joint returns filed by Morris County residents. The average SALT deduction for Morris County was more than $23,500. Eliminating the marriage penalty and raising the cap to $24,000 for joint filers will give residents in the 11th District parity.
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I hear the pigs squealing.
these high tax states should try a little fiscal responsibility.
Actually, no. My SALT does not even reach the current cap, but thanks for playing.
And besides, believe it or not, Maryland’s supposedly legendary taxes are actually in the mid-range.
And why should good people stuck in these states for the time being be made to unnecessarily suffer just because they’re outnumbered by low-info voters, some of whom will just flock to other states and vote bleu there, thanks in part to the SALT cap?
My old Congresscritter Dana Rohrbacher tried to get it raised to $20,000.
He was defeated by a Rat after the Ballots were “harvested”.
Yep, that and 45 GOP Retirements from the House.
Now we have Nadler, Shitz and the never ending investigation.
No good deed goes unpunished.
Inside New Jersey | May 10, 2019 | Representative Mikie Sherrill et al.
why not just reduce state and local taxes on married couples at the state and local source instead of having the federal government subsidize out of fiscal control tax and spend democratic controlled states and their out of control spending habits?
if it walks like a liberal state tax subsidy and talks like a liberal state tax subsidy, maybe it is a liberal state tax subsidy...
and, for the record, i am in california
This gets a “no way” from me. You kids elected high-tax moonbats in your states, YOU pay for it.
I don’t. If the residents of high tax states don’t like it either move or vote in political leaders who will lower their taxes. The taxpayers in other states subsidized high tax Leftist politicians in Blue States for far too long.
VETO!
There were 5 seats in Orange County alone that we lost b/c of the SALT law.
I remember when OC was a conservative bastion. It’s been heading left since before SALT, no?
Even though not married, I support getting rid of a marriage penalty. But that's not what this bill is about.
F**K STEFANIK. RINO LOSER.
Oh Bull S**T.
We totally recall all those campaign ads calling out the Tax Change.
Prove it.
Roger that.
In addition to everything mentioned in the article, consider that with the SALT cap there are now many middle income tax payers who no longer itemize.
Unintended consequence: It won’t take long for many to figure out “why should I give (hypothetically) $10,000 in charitable contributions if the tax code is giving me credit as though I’d given $14,000?”
Watch charitable giving sink like Boeing stock.
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