Long Island Congressman Tom Suozzi and other Democrats said they won't support President Biden’s budget package without repealing a cap on state and local tax deductions.
The Trump-era tax law limited SALT deductions to $10,000 dollars. This meant residents in high-tax states like New York and New Jersey could no longer deduct the full value of their state tax from their federal taxes.
Congressman Tom Suozzi of New York has led the push to restore the full deduction for SALT. He said SALT has left a hole in New York’s revenue as people leave for cheaper taxes.
“The bottom line is it’s killing New York state; people are leaving New York State. Our taxes are higher than they are in in Texas and Florida and people are moving from New York to Florida,” Suozzi said.
Suozzi said if President Biden’s $3.5 trillion dollar budget reconciliation package doesn’t include the SALT deduction he will not vote for it.
