Pelosi Statement on Ways & Means Markup of Bill to Reverse SALT Deduction Cap
Washington, D.C. – Speaker Nancy Pelosi released the following statement after the Committee on Ways and Means completed its markup of H.R. 5377, The Restoring Tax Fairness for States and Localities Act:
“Two years ago this month, the Republican Congress passed a GOP Tax Scam for the rich that gave 83 percent of its benefits to the wealthiest one percent. In order to pad their giveaways to the wealthiest and big corporations, Republicans leveled a spiteful assault at suburban, middle-class communities across America by capping the State and Local Tax deduction.
“Today, Democrats have taken a key step forward in lifting the GOP Tax Scam’s unfair SALT deduction cap, reversing its immense giveaway to the wealthiest tax bracket, and providing additional tax benefits to the teachers and first responders who have paid the price from Republicans ransacking state and local governments. I thank Chairman Neal and the Members of the Committee for their leadership in moving this important legislation forward.
“Democrats will continue to push for real tax reform that rebalances the tax code to put working and middle class families first.”