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NJ-11 Rep. Sherrill's SALT CAP testimony: Federal Judge: "it's a rope to the neck with a gradual squeezing over time".

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NJ-11 Rep. Mikie Sherrill give SALT CAP testimony on 6/25/19 in connection with her bipartisan SALT Relief and Marriage Penalty Elimination Act, H.R. 2624 (endorsed by the American Federation of Teachers and National Association of Realtors}.


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In it she referred to the Trump Administration’s arguing that the SALT cap is not a “gun to the head” of states. That may be true. But, as a federal judge pointed out in a hearing just last week, “…it’s a rope to the neck with a gradual squeezing over time.”

H.R. 2624 is one of the most middle-class focused SALT relief bills. Introduced to date, raising the SALT deduction equal to the standard deduction taken by taxpayers: $12,000 for individual filers; $18,000 for Head of Households; and $24,000 for joint filers. These thresholds enable the maximum number of taxpayers to be incentivized to make charitable donations, again.

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A seasoned financial professional, currently providing subject matter expertise on a variety of regulatory topics, including the Dodd-Frank Act, the Foreign Account Tax Compliance Act (FATCA) and overall compliance monitoring. He has previously held (more...)
 
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In 2016, every county in New Jersey except one had an average SALT deduction above $10,000. In Morris County, the average SALT deduction in 2016 was more than $23,500. As Rep. Pascrell has pointed out, the vast majority of New Jersey residents affected by the SALT are households with middle incomes between $75,000 to $200,000.

Submitted on Thursday, Jun 27, 2019 at 8:02:31 PM

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