Political Quotes

“Mr. President, this is the time of year when people are calculating their taxes and filing their returns. There are inequities in our Tax Code, and the bill I am introducing today, the SALT Deduction Fairness Act, would help remedy one of these inequities. This bill would ensure that limits on State and local tax deductions, also known as SALT deductions, do not disproportionately and unfairly penalize married couples. Currently, the amount in State and local taxes that both single and married filers may deduct from their annual income taxes is capped at $10,000. Single filers and married filers are treated the same, and married people who file their taxes separately are limited to $5,000 each. In other words, people would be better off not getting married when it comes to the SALT deduction. My bill removes this penalty by simply doubling the deduction to $20,000 for married filers. This is the situation we have now: Two single people can both claim $10,000 worth of State and local income taxes as a deduction on their Federal returns, but if they get married, they can claim only $10,000 together. This is a classic example of a marriage tax penalty.…”