Suozzi Vows 'No SALT, No Deal' As Tax Code Is Mulled

Glen Cove NY

29 March, 2021

6:43 PM

Description

WASHINGTON, NY — U.S. Rep. Thomas Suozzi on Monday called for his Congressional colleagues to join in his pledge to oppose any proposed tax code changes without the repeal of the cap on the State and Local Tax deduction. Suozzi, a Democrat from Glen Cove, said, "No SALT, no deal," adding, that he would not support "any change" without the inclusion of a repeal. "The cap on the SALT deduction has been a body blow to New York and middle-class families in New York. Without the full SALT deduction, families will continue to leave our state and the last thing we need is to lose our residents and taxpayers. Every day the SALT cap is in place, the taxpayers of New York are hurting." Suozzi said the cap is particularly unfair to New York taxpayers because they subsidize other states by paying $20-30 billion more in taxes than they receive back from the federal government. A repeal of the cap would allow deductions of state and local taxes over $10,000 on income taxes. Suozzi, who sits on the Ways and Means Committee, has 106 cosponsors of the SALT cap repeal, and there is companion legislation by Sen. Chuck Schumer in the Senate. It appears that the move has support in President Joe Biden's administration, such as from Secretary of the Treasury Janet Yellen who told a Congressional panel that taxpayers are affected disparately by the cap and that she would work with members of Congress on the issue, Bloomberg reported. A previous attempt to repeal the cap failed in 2019.