Virginia Foxx: “Middle- and lower-income households across the country are getting the short end of the stick under the so-called Build…”

“Middle- and lower-income households across the country are getting the short end of the stick under the so-called Build Back Better Act. For months, House Republicans have exposed radical provisions in this bill that do nothing to help the American people or the country. One such provision is the raising of State and local tax deductions, commonly referred to as SALT. Under the Tax Cuts and Jobs Act, a $10,000 cap was placed on SALT deductions. This meant that taxpayers who itemized their returns could deduct up to $10,000 in certain taxes that are paid to State and local governments. Under the so-called Build Back Better Act, the cap would be set at $80,000. That is a $70,000 increase in tax deductions for high-income households in America. The Committee for a Responsible Federal Budget estimates that raising the SALT cap to $80,000 equates to a gift of $625 billion in perpetuity to wealthy Americans. Speaker Pelosi was quoted as saying that raising SALT deductions is ``about which States get the revenue they need in order to meet the needs of the people.'' Mr. Speaker, that claim may sound appeasing to some, but not all Members of the Democrat Party are sold. Jason Furman, the former chair of former President Obama's Council of Economic Advisers and current Harvard economist, calls this giveaway obscene.…”