Political Quotes

“Mr. President, today, Democrats are forcing a vote to repeal the administration's sensible rule to disallow bogus charitable deductions that are designed to circumvent the SALT, or the State and local tax, deduction cap that was part of the 2017 tax reform bill. Frankly, I welcome this vote and today's debate. It gives us an opportunity to review all the benefits of the Tax Cuts and Jobs Act. While drafting the Tax Cuts and Jobs Act, Congress made a conscious choice to cap the State and local tax deduction, or SALT, at $10,000. Doing so allowed us to provide additional tax relief to the middle class, support families by doubling the child tax credit, and simplify the Tax Code for filers by nearly doubling the standard deduction. These changes resulted in the average family of four in my home State of South Dakota receiving a tax cut of more than $2,000. In response to this cap, certain high-tax States adopted--what some would call ``creative'' but what I would call ``bogus''--schemes to try to circumvent the cap. These so-called charities that these States have set up are designed solely as an alternative method of paying State and local taxes so millionaires can shirk their Federal tax obligations. So the IRS did what the tax law directed. It enacted sensible regulations to shut down these bogus tax avoidance schemes.…”