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Rep. King: Senate Tax Reform Might Hinge on SALT Deduction

(Newsmax TV's "Newsmax Now")

Monday, 20 November 2017 07:35 PM

Rep. Peter King, R-N.Y., on Monday touted efforts to retain a state and local tax deduction in the Senate GOP tax bill, saying it will better assure passage of a key Trump administration agenda issue.

Eliminating the deduction unfairly penalizes high-tax states like New York and New Jersey that already contribute heavily to federal coffers, King declared in a "Newsmax Now" interview on Newsmax TV.

According to King, if the Senate tax reform bill "does become stalemated . . . one way to get extra votes could be to restore the state and local tax deduction."

"And they can do that by moving some of the other numbers around," he said. "I don't think anything should be sacrosanct if you're going to be giving a significant tax increase to people in the states that are among the most productive in the country, to increase a tax on our constituents when the rest of the country is getting a tax cut."

"There's some reason for optimism here, and the worst thing we can do now is to give up the fight," he added.

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King pointed to Maine Sen. Susan Collins' idea the corporate tax rate be raised — from the proposed 20 percent level to 22 percent — so the money could be used to restore the so-called SALT deduction, as she told ABC's "This Week."

King also expressed optimism the ultimate tax bill will "provide some middle-income tax relief to people."

"It doesn't have to be maybe the wholesale tax cut program they have now, but do it in a way that everyone gets some kind of a tax cut, and that combined with the corporate tax cut and the repatriation of money from overseas, that can really cause the economy to grow," he asserted.

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Eliminating the deduction unfairly penalizes high-tax states like New York and New Jersey that already contribute heavily to federal coffers, Rep. Peter King, R-N.Y., declared in a "Newsmax Now" interview on Newsmax TV.
state and local tax, deductions, peter king, senate
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2017-35-20
Monday, 20 November 2017 07:35 PM
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