Tax deductions

Calls to remove limits on state and local tax deductions on federal returns

Congressman Tom Suozzi (D-NY) sends a clear message to elected officials and voters that there must be a restoration of SALT – short for State and Local Tax Deduction for his support of the $ 3.5 trillion reconciliation program. dollars.

“New York State needs to be more attractive and competitive, but in the short term we need to put SALT back in place,” Suozzi said.

A cap was placed on the SALT deduction in 2017 as part of Republican tax reduction legislation – only allowing homeowners to deduct $ 10,000 from state and local taxes, hurting many middle-class families in high tax states like New York.

Suozzi, a Democrat, whose calls for the existential reinstatement of SALT for New York City recruited more than 30 bipartisan members of Congress who have advocated for the cap to be repealed.

“People are moving away from their hometowns. It has a real impact on real people,” he said.

But across the country, people in other states are seeing SALT deductions benefit only the rich. However, advocates argue that restoring it would be fairer.

According to some reports, the SALT deduction could be included in legislation, but only until 2025. Suozzi is pushing for a complete repeal.

Leave a Reply

Your email address will not be published.