Sound the Alarm About the Salt Deduction Cap

Floor Speech

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Mr. GOTTHEIMER. Mr. Speaker, I rise today to sound the alarm about an issue that is badly impacting my constituents in the Fifth District of New Jersey every single day: the cap on the State and local tax deduction, which led to a major tax hike on my district imposed by the ``moocher States.''

Right now, as congressional leadership considers year-end legislation in these last days of the year, why would they not fix the biggest tax problem of them all: the State and local tax deduction?

It is time to end double taxation.

I released this report last week on the impact of the SALT cap on the Garden State. It is clear, taxes in north Jersey are through the roof. People are leaving the State in droves, and our home values are plummeting because of the end of the State and local tax deduction.

It is time to end that cap, and I am calling on Congress--Democrats and Republicans--to come together, to reinstate the SALT deduction this year and give a real tax cut to north Jersey.

This Congress, I introduced bipartisan legislation to fully reinstate SALT, and I helped lead not one, but two bipartisan resolutions overturning the harmful Treasury regulations that kept us from deducting charitable contributions on our Federal taxes.

We have to fix this and reinstate SALT this year and cut taxes for New Jersey families, first responders, and small businesses that are the backbone of our community. We simply can't afford to delay and prop up the moocher States anymore.

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