Rep. Gottheimer, Zeldin Announce Bipartisan Legislation to Reinstate SALT Deduction, Offset by Closing Loopholes

Statement

Congressman Josh Gottheimer (D, NJ-5) and Congressman Lee Zeldin (R, NY-1) today announced their work on new bipartisan legislation. This bill would fully reinstate the State and Local Tax (SALT) deduction retroactively and pay for it by closing previously unaddressed loopholes rather than by raising the individual or corporate tax rate or ballooning the national debt.

"New Jersey got hosed last year when they gutted the State and Local Tax Deduction and targeted our state with higher taxes. The double taxation grenade last Congress was lobbed at New Jersey and New York by the Moocher States. Now it's time to work across the aisle, end double taxation, and restore the SALT deduction. The bipartisan "Cutting Local Taxes by Reinstating SALT Act' is unique in that it is the only bill that will fully reinstate SALT, will be fully paid for, and will not raise individual or corporate tax rates. Let's get it passed and get families coming into our state -- rather than heading out," said Congressman Josh Gottheimer (NJ-5).

"The $10,000 cap on State and Local Tax Deductions was a punch in the gut to many itemizers who already subsidize so many other states around the nation and who are now contributing even more," said Congressman Lee Zeldin. "It was a geographic redistribution of wealth that has taken extra money from a place like New York to pay for deeper tax cuts elsewhere. It is important to remember that the reason our State and Local Tax deduction was as high as it was is because our state and local taxes are as high as they are. Every level of government must do their part to provide tax relief, and we're leveling the playing field on the federal level by reinstating the State and Local Tax Deduction."

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