(WASHINGTON, D.C.)--Congressman Jamie Raskin (D-MD) joined Reps. Tom Suozzi (D-NY) and Peter King (R-NY) and more than 50 House colleagues in introducing bipartisan legislation, The Restoring Tax Fairness for States and Localities Act (H.R. 5377), to provide immediate tax relief to Americans.
This legislation would eliminate the marriage penalty by doubling the cap to $20,000 for joint filers for 2019 and would fully restore the state and local tax (SALT) deduction for 2020 and 2021. The cost of this plan would be fully offset by returning the top individual tax rate from 37 percent, back to 39.6 percent, prior to the GOP tax bill of 2017.
“The SALT cap was particularly unfair to Long Islanders and New Yorkers because they already subsidize other states by paying $48 billion more into the federal government than we receive back, it is a tax on taxes already paid, and it hits the homeowners whose local taxes fund police, firefighters and other services. It is a great honor to have been asked by the Ways and Means Committee to take the lead on introducing this legislation. It was also important to me that our bill should be a bipartisan effort, which is why I am especially grateful to Representative King for cosponsoring my bill to restore tax fairness for our constituents on Long Island,” said Suozzi.
"Eliminating deductions for local and state taxes will have a devastating effect on New York. We give far more to Washington then we get back. For every dollar we give, we get $.79 back. That’s a $48 billion shortfall and hurts our middle-class Long Islanders. This legislation is critical,” said King.
Bill text is available here.