Welcome

SALT Cap Repeal Advocates Say Write-Off Vital for State Budgets

May 13, 2021, 5:13 PM

The two Democrats leading the fight to repeal the $10,000 cap on state and local tax deductions argued that the break is important to their states to prevent high-income residents -- and the budget revenue they generate -- from fleeing to lower-tax areas.

Representatives Josh Gottheimer of New Jersey and Tom Suozzi of New York said that restoring the state and local tax, or SALT, deduction on federal taxes benefits taxpayers who, through the state income levies and property taxes they pay, substantially help fund schools, children’s health insurance and services for the elderly.

“There are wealthy people that benefit ...

To read the full article log in. To learn more about a subscription click here.