On the recordAugust 10, 2021
Now hear me. You will be shocked what the Democrats want to do in their budget. They want to use reconciliation to provide a $120 billion tax cut to the wealthy through SALT relief. The nonpartisan Joint Committee on Taxation estimates 51 percent of the benefit from that repeal would go to those making over $1 million, while those with incomes under $50,000 wouldn't see any benefit. The liberal Tax Policy Center says the top one-tenth of 1 percent of households would receive an average tax cut of $144,000 a year. Democrats cry the wealthy are not paying their fair share, at the same time proposing to give billionaires six-figure tax cuts. If my Democratic colleagues are genuine in their concern about the wealthy paying too little taxes, their budget is not the way to do it. So vote to support my amendment to impose restrictions on repealing and modifying the SALT cap that would result in tax cuts for the wealthy. I reserve my time.
