Hi — I wanted to share this article regarding my letter to Treasury Secretary Janet Yellen encouraging the new Administration to reinstate SALT and help lower taxes. Here is a link to a CBS News story on the topic. Always eager to hear your thoughts, and thanks again for everything!

Yours,

Josh

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Gottheimer asks Yellen to restore SALT cap workaround

By Nikita Biryukov


Rep. Josh Gottheimer (D-Wyckoff) called on President Joe Biden’s newly confirmed treasury secretary to reinstate an ill-fated workaround to the $10,000 cap on state and local tax deductions Tuesday. 

“It is imperative that we work together to get our tax policy right and cut taxes for hard-working Americans as we continue to fight this pandemic,” Gottheimer said in a letter to Janet Yellen. “Given the level of need in this country, we should be trying to encourage charitable giving as much as possible to help those that need additional help.”

The program at issue is one that would allow residents to pay local and state taxes through donations to pass-through non-profits and deduct those payments from their federal tax bill.

A rule enacted by President Donald Trump’s administration blocked the workaround. New Jersey and other wealthy, high-tax blue states are disproportionately impacted by the cap on state and local tax deductions.

Gottheimer argued the workaround was needed to uplift non-profits struggling amidst the pandemic-fueled economic downturn. 

“There are widespread news reports that charities are still having difficulties contending with the ongoing COVID-19 pandemic, as the ensuing economic recession has simultaneously suppressed charitable giving while raising the community’s need for these organizations,” he said.




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