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Larry Kudlow to Newsmax TV: Don't Look for Change to SALT Deduction

(Newsmax TV's "Newsmax Now"/YouTube)

By    |   Thursday, 25 April 2019 07:35 PM

Larry Kudlow, director of the National Economic Council, told Newsmax TV it is unlikely the state and local tax (SALT) deduction — which was lowered to $10,000 as part of the 2017 tax cuts law — will be revisited anytime soon.

"It would be very difficult," Kudlow told Newsmax CEO Chris Ruddy in the Eisenhower Executive Office Building, next to the White House.

"We will present new, added tax reform ideas, which will surface at some point in the near future. We are working on more tax reforms. Lower the marginal rates for growth and broaden the base to take away unnecessary subsidies and credits, which will make it a better system. We're looking at some interesting ideas, perhaps for the 2020 campaign.

"In the short run, with a Democratic House and a Republican Senate, I don't expect to see the tax bill reopened."

Officials in high-tax states such as New York and California have complained about the SALT cap, which has impacted both high-earning families and states' tax revenue figures. Kudlow, however, said the solution is not to raise the SALT deduction, but rather to lower state tax rates.

"As I've said to [New York] Gov. [Andrew Cuomo], you could, governor, lower your income tax rates, which would be a big boon to business and keeping people in the state," Kudlow said.

"The solution is not federal tax subsidies, Chris. The solution is lower marginal tax rates at the state level to attract business and to keep the wealthy and the creative at home."

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It is unlikely the state and local tax (SALT) deduction, which was lowered to $10,000 as part of the 2017 tax cuts law, will be revisited anytime soon, according to Larry Kudlow, director of the National Economic Council, on Newsmax TV.
larry kudlow, salt, deduction, taxes, state taxes
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2019-35-25
Thursday, 25 April 2019 07:35 PM
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