Washington, DC – Today, U.S. Representative Young Kim (CA-40) voted in favor of H.R. 1, which takes historic steps to uplift working families and small businesses, get our country back on the right fiscal track, and streamline and strengthen our federal government to better serve the American people.
Rep. Kim, who serves as Republican co-chair of the State and Local Tax (SALT) Caucus, secured a 400% increase in the cap on SALT deductions, allowing hardworking California families to keep more money in their pockets and providing vital relief for her constituents hurt by the current $10,000 SALT cap.
“Californians I represent have been bearing the brunt of persistent inflation due to wasteful spending from Washington and Sacramento. It’s past time for relief. Increasing the SALT cap 400% is a huge win that allows middle-class families I represent to keep more hard-earned money in their pockets,” said Rep. Young Kim.
“This bill takes important steps to ensure federal dollars are stretched as far as possible and strengthen Medicaid for our most vulnerable citizens. I will keep working to get our country back on the right track and protect the American dream for future generations,” she continued.
In addition to providing much-needed SALT relief, H.R. 1 supports the American people through initiatives such as:
- Protecting Medicaid for future generations of our most vulnerable citizens, including seniors, women, children, and disabled Americans;
- Extending middle-class tax cuts and the child tax credit originally enacted in the 2017 Tax Cuts and Jobs Act; and,
- Promoting financial literacy and opportunity by creating a pilot program where newborns receive $1,000 in a tax advantaged investment account.
According to the U.S. Chamber of Commerce, nearly 25,000 small and pass-through businesses across Rep. Kim’s district will see an increase of approximately $21,906,300 in their qualified business income deduction through the bill’s passage.
