Young Oak Kim: “I thank my friend, Representative Suozzi from New York, for yielding. And I want to thank him for working with me in a…”

“I thank my friend, Representative Suozzi from New York, for yielding. And I want to thank him for working with me in a bipartisan push to repeal the cap on SALT deductions that is hurting American workers and families. Californians in the 39th District--which I represent--and across our State, have been burdened enough by high State and local taxes in addition to high cost of living and housing. The last thing they need is to be hurt even more because of these State and local taxes at the Federal level. I have heard from many of my constituents about the burdensome taxes they have to pay as a result of the SALT cap. These are workers, business owners, and families who are struggling to survive due to the COVID-19 pandemic. It is estimated that in the 2022 tax year, California's 39th District will pay on average $600 million more in taxes. In 2018 alone, Californians paid an additional $11.2 billion in Federal taxes because of the SALT cap. That translated into 55,000 fewer jobs and a loss of $3.4 billion in wages. Assuming a middle-of-the-road rate of 25 percent, an average taxpayer who claimed itemized deductions would have saved $6,521 in taxes if the SALT deduction were not capped at $10,000. These high tax rates are on top of the skyrocketing housing prices across the State.…”