"
Lawmakers pressing to restore full federal deductions for state and local taxes are letting Speaker Kevin McCarthy know he doesn’t have the votes to extend the current $10,000 limit. A new bill to fully repeal the so-called SALT cap has 46 House signatories, including lead sponsor Andrew Garbarino, R-N.Y., and seven other GOP representatives from blue states...'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,' Garbarino said in a statement. '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.' Republican co-sponsors of Garbarino’s bill include Reps. Anthony D’Esposito, Nick LaLota, Mike Lawler and Marc Molinaro of New York; Christopher H. Smith and Thomas H. Kean Jr. of New Jersey; and Young Kim of California.
"
Read the full article here.
|