Political Quotes

“Mr. President, I rise to discuss four amendments that I have submitted to the Tax Cuts and Jobs Act that would strengthen this legislation in ways that are important to our middle-income families. I express my thanks to the majority leader, my colleagues, and the administration for working with me on these proposals. The first amendment would allow taxpayers to deduct up to $10,000 in State and local property taxes. In recent years, more than 95 percent of all of those who itemize on their tax forms and 28 percent of all Federal income tax filers deducted State and local taxes, including property taxes. Yet the Senate bill would eliminate this deduction altogether. The deduction for State and local taxes has been part of our Tax Code since 1913, when the income tax became law. It was intended to prevent a Federal tax from being imposed on a State tax. In other words, it was to prevent double taxation. This deduction is especially important to the people of Maine. In my State, 166,000 itemizers deducted a total of $725 million in property taxes on their Federal income tax returns. This amendment would allow the vast majority of Mainers who itemize to continue to fully deduct their property taxes. Improving the bill in this way--by preserving the property tax deduction up to $10,000--is crucial for middle-income taxpayers across the United States.…”