Washington, DC – This week, U.S. Representative Young Kim (CA-40) joined Reps. Andrew Garbarino (NY-02), Josh Gottheimer (NJ-05) and colleagues to cut taxes by introducing the Securing Access to Lower Taxes by ensuring Deductibility (SALT Deductibility) Act (H.R. 2555).
This bipartisan bill provides Californians much-needed relief by fully repealing the cap on state and local tax (SALT) deductions. Rep. Kim is a co-chair of the bipartisan SALT Caucus and introduced this bill in the 117th Congress.
Reps. Kim, Garbarino and Gottheimer were joined in introducing the bill by co-leads Reps. Anna Eshoo (CA-16), Chris Smith (NJ-04), Brad Schneider (IL-10), Mike Lawler (NY-17) and Rob Menendez (NY-08).
“Southern Californians shouldn’t have to pay more federal taxes on top of their already high state taxes and rising costs of living and housing,” said Rep. Kim. “We must act to right this wrong, which is why I am fighting to repeal the current cap on SALT deductions and lower taxes for my constituents. There are many of my colleagues on both sides of the aisle from states across the country whose constituents are unfairly hurt by the current cap on SALT deductions. I will keep working with my colleagues on both sides of the aisle to get this across the finish line.”
“The SALT deduction cap has devastated my community by placing an unfair financial burden on Long Islanders and on taxpayers across the country,” said Rep. Garbarino. “Long Islanders pay some of the highest property taxes in the country and, for the hardworking middle-class families in my district, the $10,000 cap means they are only able to deduct a fraction of what they pay from their federal income taxes. I am talking about police officers, firefighters, nurses, teachers, and small businesses owners who are being double taxed on money that was never available to them. This injustice has gone on long enough and, with this bipartisan legislation, we can finally right that wrong and provide much needed tax relief to millions of Americans.”
“We applaud Congresswoman Kim’s work to provide this important tax relief to California residents. By repealing the cap on federal tax deductions for state income tax and mortgage interest, relief our residents had prior to the 2017-18 tax law changes, the SALT Deductibility Act will help Tustin residents and all Californians keep a little more money in their pockets. Especially during these turbulent economic times, we need to do what we can to make life more affordable,” said Mayor Austin Lumbard, City of Tustin.
“I applaud Congresswoman Young Kim for her proposed legislation to provide much needed tax relief to California homeowners. This bill would also remove a major obstacle that many first time homebuyers are facing in being able to realize the American dream of homeownership, which the current SALT rules have made much more difficult to achieve,” said Mayor Jeanine Heft, City of Laguna Hills.
“The SALT Deductibility Act is important legislation that will help Californians be able to afford their housing expense and remove double taxation that currently is a deterrent to home ownership and affordability,” said Mayor Brian Goodell, City of Mission Viejo.
Original cosponsors of the bill include Reps. Anthony D’Esposito (NY-03), Marc Molinaro (NY-19), Pat Ryan (NY-18), Tom Kean Jr. (NJ-07), Eric Swalwell (CA-14), Grace Meng (NY-06), Joe Morelle (NY-25), Sean Casten (IL-06), Dean Phillips (MN-03), Paul Tonko (NY-20), Zoe Lofgren (CA-18), Betty McCollum (MN-04), Salud Carbajal (CA-24), Bonnie Watson Coleman (NJ-12), Jake Auchincloss (MA-04), Raja Krishnamoorthi (IL-08), Bill Foster (IL-11), Suzanne Bonamici (OR-01), Linda Sanchez (CA-38), Mikie Sherrill (NJ-11), Andy Kim (NY-03), Nick LaLota (NY-01), and Mike Levin (CA-49).
