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Mon Feb 11, 2019, 06:00 PM

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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Reply Blue-state lawmakers launch effort to repeal SALT cap (Original post)
brooklynite Feb 11 OP
AncientGeezer Feb 11 #1
NCjack Feb 11 #2
beachbum bob Feb 11 #3
groundloop Feb 11 #4
Wuddles440 Feb 11 #5

Response to brooklynite (Original post)

Mon Feb 11, 2019, 06:05 PM

1. DOA.. won't get the 60+votes. I live in NY....I wish Gov Cuomo would give us a break

Instead of Amazon or other giant businesses.

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Response to brooklynite (Original post)

Mon Feb 11, 2019, 06:15 PM

2. What about the rest of us? Repeal the entire Trump, McConnell, Ryan Tax Act.

Begin by passing a bill to repeal in the House. Then, it becomes McConnell's problem.

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Response to brooklynite (Original post)

Mon Feb 11, 2019, 06:22 PM

3. Wasted effort

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Response to brooklynite (Original post)

Mon Feb 11, 2019, 07:31 PM

4. It's not the cap that's screwing us...... I come nowhere near meeting the minimum to itemize

I got totally screwed this year because I can't itemize my state taxes, real estate taxes, or mortgage interest. I understand that, in theory, those things were supposed to be compensated for in the standard deduction..... but I'm magically paying around $2K more in tax with this 'cut'. This entire tax bill needs to be repealed and big business and $Billionair$ need to pay their fair share.

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Response to brooklynite (Original post)

Mon Feb 11, 2019, 08:55 PM

5. The elimination of the Personal Exemption...

negated most of the adjustment to the Standard Deduction and had an even more dramatic impact (negative) on those of us who itemize. Most news reports continue to ignore the significance of this aspect.

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