Menéndez criticizes SALT cap proposal under consideration for spending bill

Its. Bob MenendezRobert (Bob) Menendez Republicans express concern over Biden’s nominee for ambassador to Germany Biden sparks high-stakes fight over spending framework Why is Trump undermining his administration’s historic China policies? PLUS (DN.J.) on Wednesday criticized a proposal under discussion for Democrats’ social spending bill to repeal the limit on state and local tax deduction (SALT), expressing concerns that the proposal would amount to a gimmick. budget that would greatly benefit the wealthy.

Democrats seek to repeal the $ 10,000 limit entirely for five years and offset the cost of doing so by reimposing the limit in subsequent years.

Menendez, like many other New Jersey lawmakers, has long been critical of the cap. However, Menendez said the relief from the $ 10,000 limit should be aimed at the middle class.

“If one thing is very clear to me, it is that given the limited resources we have to address the SALT limit, relief must go to the families who need it most,” Menéndez said in a statement. “I am concerned that the current proposals to provide total relief on a temporary basis, only to then change and fully reset the SALT limit on middle class families for years to come, is nothing more than bait and switch. We cannot afford to be wrong, it is time to stop tricks. Working families depend on this deduction and we must provide real relief. “

Menéndez also took to Twitter to express his concern about the proposal.

A spokesperson for Menendez said the senator has been looking for alternative ways to make changes to the SALT limit and hopes that an agreement can be reached that focuses on families earning less than $ 500,000.

Menendez’s comments came after Tuesday’s gubernatorial election in New Jersey. Incumbent governor Phil Murphy (D) was narrowly leading Wednesday afternoon, but the race was still too close to call.

Republicans created the SALT deduction cap as part of their 2017 tax law. Many Democrats in high-tax states like New York, New Jersey and California have been pushing for the cap to be repealed, arguing that it hurts their states and residents. But Democrats face challenges in repealing the cap because analysts estimate that doing so would greatly benefit high-income households.

Menendez is not the only Democratic senator who has criticized the proposal to repeal the SALT limit in the short term and reimpose it in the future.

Its. Bernie sandersBernie SandersShontel Brown wins special election to replace Marcia Fudge in Ohio House district Democrats give Manchin warning about lack of progress on spending bill LIVE COVERAGE: Youngkin wins in Virginia ; New Jersey gubernatorial race in a tie MORE (I-Vt.) He also disagreed with the proposal on Tuesday, calling it “more than unacceptable.”



Reference-thehill.com

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