Tag: Naomi Jagoda

Cuomo: Congress must include SALT cap repeal in future legislation

Mary Pat Campbell

Link: https://thehill.com/policy/finance/549083-cuomo-congress-must-include-salt-cap-repeal-in-future-legislation

Excerpt:

New York Gov. Andrew Cuomo (D) on Monday urged Congress to include repeal of the state and local tax (SALT) deduction cap in future legislation as House Democrats from the state are pushing to include such a repeal in an infrastructure package.

“Don’t pass another bill until you fully repeal SALT,” Cuomo said during a news conference.

Cuomo’s remarks came as he signed a state budget that raises state taxes for wealthy individuals and lowers taxes for the middle class.

The legislation Cuomo signed Monday raises the top state tax income rate to 10.9 percent for income above $25 million. It also continues phasing in tax cuts for middle-class households that were first enacted in 2016 and provides an income tax credit for certain homeowners with income up to $250,000.

Author(s): Naomi Jagoda

Publication Date: 19 April 2021

Publication Site: The Hill

NY House Democrats demand repeal of SALT cap

Mary Pat Campbell

Link: https://thehill.com/policy/finance/548046-ny-house-democrats-demand-repeal-of-salt-cap

Excerpt:

House Democrats from New York on Tuesday escalated their push for the repeal of the cap on the state and local tax deduction, threatening to oppose future tax legislation that doesn’t fully undo the $10,000 limit.

“As members of the New York Congressional Delegation, we urge you to insist on full repeal of the limitation on the State and Local Tax (SALT) deduction passed by Congress in 2017 and signed into law by former President Trump,” the lawmakers wrote in a letter to House Speaker Nancy Pelosi (D-Calif.) and House Majority Leader Steny Hoyer (D-Md.). “This issue is so critical to our state and our constituents that we will reserve the right to oppose any tax legislation that does not include a full repeal of the SALT limitation.”

Every Democrat in New York’s House delegation signed the letter except Reps. Alexandria Ocasio-Cortez and Kathleen Rice.

Author(s): Naomi Jagoda

Publication Date: 13 April 2021

Publication Site: The Hill