Search FAIRtax.org

SALT Cap Repeal Would Be $40 Billion Windfall For Millionaires

SALT Cap Repeal Would Be $40 Billion Windfall For Millionaires
Photo Credit: DSC03534 by someones.life is licensed under Flickr CC by-nc-sa 2.0
More than 1/2 of the benefit of repealing the $10,000 deduction cap for state and local taxes would go to millionaires, according to Congress’s nonpartisan tax scorekeeper.  Getting rid of the so-called SALT cap would lower the burden for households earning at least $1 million by $40.4 billion, or 52% of the $77.4 billion in additional tax breaks, according to numbers released Monday by the Joint Committee on Taxation.

Republicans in their 2017 overhaul capped the deduction as a way to pay for some of their $1.5 trillion cut for individuals and corporations. Officials in high-tax states, including New York, New Jersey and California, have said Republicans targeted Democratic-led states to pay for the cuts.

They also have said the cap hurts their residents and causes people to move to lower-tax locations. The title of Tuesday’s hearing is: “How Recent Limitation to the SALT Deduction Harm Communities, Schools, First Responders, and Housing Values".

Help FAIRtax Get In The Presidential Debates in 2020

Enacting the FAIRtax must be a prominent topic on the Presidential Debate stage. We did it before, we can do it again, but we need your help!

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help FAIRtax.org bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.
To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

If you need to make changes to your existing Monthly Re-Occurring Donation with new card or billing address information, then Please call Adam Yomtov our New York State Co-Director. He is assisting with the administration of our donations, technology services, and website.

Please note: Inputting your new information at our website won't update your donation. The only way to update is by calling Adam Yomtov 917-689-3931 mobile.


Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

Connect

Share