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Rep. Young Kim Speaks at Financial Services Subcommittee Hearing

Feb 1, 2024 | Economy, Press Releases

Washington, DC – Yesterday, U.S. Representative Young Kim (CA-40), who serves as co-chair of the bipartisan SALT Caucus, joined Reps. Mike Lawler (NY-17), Andrew Garbarino (NY-02), Anthony D’Esposito (NY-04), Nick LaLota (NY-01), Marc Molinaro (NY-19), Andy Harris (MD-01), and Mike Garcia (CA-27) to introduce the SALT Marriage Penalty Elimination Act (H.R.7160), which would increase the state and local tax (SALT) cap from $10,000 to $20,000 for married couples – fixing an unfair loophole that currently exists in the tax code. 

“For 13 months, we have engaged in thoughtful conversations with House Leadership on SALT, a key priority for our constituents,” said the members. “Raising the SALT cap for married couples from $10,000 to $20,000 fixes an unfair and anti-family penalty and provides immediate tax relief to middle-class working families.” 

“By introducing the SALT Marriage Penalty Elimination Act, whose floor vote is supported and being expedited by Speaker Johnson and Ways and Means Committee Chairman Smith, we are righting this wrong,” continued the members. “We’re thankful for Speaker Johnson’s good-faith negotiations on this issue and look forward to this bill coming to the floor and passing the House imminently.” 

“Upon its passage from the House, it is incumbent on Senator Schumer to move this expediently through the Senate to ensure that families across the country can receive significant tax relief,” concluded the members. “Our constituents and the hard-working taxpayers of our districts deserve nothing less.” 

Last night, she voted in favor of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which passed the House in an overwhelmingly bipartisan manner to make life more affordable and support U.S. jobs and competitiveness. 

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