On the recordDecember 19, 2019
I want to first commend my colleague from New York (Mr. Suozzi) for his passionate advocacy for his district. I understand where his heart is, I understand his motives, I know they are pure, and it makes it a lot easier to work with people who approach public policy that way. But as I have mentioned to him in committee, I think this is wrongheaded and fundamentally bad public policy. It certainly is not in keeping with benefiting the general welfare of the public, restoring these SALT deductions. I am sure many of these points being made earlier discourage localities and States from keeping their taxes low. They also penalize States like Texas who keep their tax rates low, and the majority of the benefit of these deductions will go to millionaires. That is not an exaggeration. Over 50 percent of the benefit will go to people who are millionaires. In fact, 95 percent of the benefit will go to folks who make over $200,000. That is real money in west Texas. The SPEAKER pro tempore. The time of the gentleman has expired.
