Rep. Mondaire Jones seeks to eliminate SALT deduction cap
There's a push in the Democratic-controlled Congress to repeal a Trump-era policy that could have a major impact on New York and the Hudson Valley.
Rep. Mondaire Jones introduced the SALT Deductibility Act to eliminate the $10,000 cap on state and local taxes, known as the SALT deduction. Jones co-sponsored the bill.
"Help is on the way," says Jones.
The cap was part of the Trump tax cuts, which cost New Yorkers $15.3 billion.
"In the midst of the worst economic crisis since the Great Depression it is more important than ever before that we relieve the tax burden of residents of Westchester and Rockland County," says Jones.
Westchester County Executive George Latimer agrees with Jones, saying, "This is an essential action to restore this deduction."
Other lawmakers say the SALT cap is double taxation and is unfair.
Gov. Andrew Cuomo called SALT a 'political theft' that benefited Republican states.
The bill was also introduced in the Senate by Majority Leader Chuck Schumer. Jones is hoping it will be included in the COVID-19 relief package currently working its way through Congress.