Mikie Sherrill: “On the fifth day of SALT, my constituents have said to me that the SALT cap has hit the values of their homes and forced…”

“On the fifth day of SALT, my constituents have said to me that the SALT cap has hit the values of their homes and forced them to even sometimes sell their property. A constituent recently shared that, when he bought his home, his father-in-law patted him on the back and told him he had done a great job, but last year he had to sell that home where he had raised his three children because he could no longer afford it. Not only did my constituent have to move, but he had to sell his home for less than it was worth. He drew a direct link to the 2017 tax bill's SALT deduction cap. This constituent is not alone. A Moody's economist found that the SALT cap has taken a trillion-dollar hit to home values. And nowhere is that felt more than in my district. Mr. Speaker, Essex County is the most impacted county in the entire country, with an average 11.3 percent drop in home values. But counties in Texas, New York, Illinois, and Connecticut all rank in the top 30. Homeownership is the pillar of the American Dream. The Federal Government should not be putting up barriers to owning a home. We need to get rid of this SALT cap and stop punishing homeowners. ____________________”