New bill pushed to restore your property tax break and raise money to expand Medicare
for lower- and middle-class households with children, banned offshore drilling in the Atlantic Ocean, and taken steps to combat climate change.
But the bill failed in the Senate when West Virginia Democrat Joe Manchin came out against it. And it is uncertain whether the Democrats who control both houses of Congress have the support to try again. Under the latest Malinowski proposal, the deduction on state and local taxes would be set at $60,000 for those making $400,000 to $500,000 and then gradually reduced by $10,000 a year for each $100,000 in additional income. Those making $1 million or more would only be able to deduct $10,000.
“Our tax code should provide a level playing field across states, not punish some Americans for living in regions with high costs of living,” said the bill’s co-sponsor, Rep. Katie Porter, D-Calif. “Our SALT Act will restore fairness to our tax code, with sensible guardrails to prevent abuse by the ultra-wealthy.”
Almost two-thirds of taxpayers who used the state and local tax deduction in 2019 made less than $200,000, according to the Joint Committee on Taxation. The average deduction in each ofBut the capping the income level for taking the deduction would address concerns that the tax break would disproportionately help higher earners rather than the middle-class homeowners in New Jersey and other high-tax states that were singled out in the GOP tax law.
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