George Santos: “Today, I rise to introduce my bill, the SALT Relief Act. My bill will increase the State and local taxes cap deduction…”

“Today, I rise to introduce my bill, the SALT Relief Act. My bill will increase the State and local taxes cap deduction from $10,000 to $50,000. Increasing the SALT deduction is a step in the right direction to lessen the burden of combined Federal, State, and local taxes during these times of economic hardship. New York has one of the highest tax rates in the country, ranking above--including Federal, State, and local taxes. In 2018, for Nassau County, the average SALT amount--property tax, income, or sales tax liability--reported among itemizing filers was $30,227.21, but due to the $10,000 cap, the average SALT deduction actually claimed was $9,023.79. Let it be known that the SALT tax is not a tax break for the wealthy but a tax relief for working-class families. This is about the 118th Congress working to ease the affordability burden in high-tax States like New York. The cost of living continues to plague New Yorkers. Raising the cap on SALT will provide real tax relief, not just to New York's Third Congressional District but to all in America. ____________________”