Tom Malinowski: “Let's talk about who actually takes the SALT deduction. In my district in New Jersey, they are not rich. They are…”

“Let's talk about who actually takes the SALT deduction. In my district in New Jersey, they are not rich. They are teachers. They are firefighters. They are small business owners. They are young families who want to buy a home, seniors who want to stay in theirs. And then in 2017, House Republicans targeted them because they happen to live in States where we choose to pay for good schools and services. And why? Not to pay for schools, not to pay for our military, not to pay for our healthcare, but because they needed to find someone in America to pay for cutting our effective corporate tax rate in half. When middle-class families in my district saw their taxes rise, their home values fall, just one company, Berkshire Hathaway--one company-- got a $29 billion windfall. Did corporations give that money to their employees? No. According to CRS, the average American worker got an added bonus of $28. Did they invest in new jobs and output? No. The economy actually grew more slowly in the six quarters after the bill was passed than in the six quarters before it. So where did the money go? I will tell you where most of it went. The tax cut helped corporations buy back over $1 trillion of their own shares on Wall Street, which gave us a temporary sugar high on Wall Street. We may as well have burned that money on The National Mall.…”