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Advocacy Group Lobbies to Keep SALT Deduction

Image: Advocacy Group Lobbies to Keep SALT Deduction
(AP)

By    |   Tuesday, 11 Jul 2017 04:17 PM

A prominent group lobbied for the preservation of state and local tax (SALT) deductions in a new report.

The GOP's tax plan calls for the deduction of state taxes, local property taxes, and sales taxes to go away. The Government Finance Officers Association disagrees.

"As part of its tax reform efforts, Congress is debating whether to eliminate the ability for taxpayers to deduct state and local taxes (SALT)," the report reads. "Similar efforts have been attempted in the past, and they failed each time — for a simple reason. If SALT were repealed, almost 30 percent of taxpayers, including individuals in every state and in all income brackets, would be adversely impacted.

"In 2014, the most recent year for which data are available, that included over 43 million tax units representing well over 100 million Americans. Additionally, more than 50 percent of the total amount of the SALT deduction went to taxpayers with adjusted gross incomes (AGI) under $200,000."

The detailed report contains statistics and charts that show the benefits of keeping SALT deductions in place for taxpayers.

"These tax preferences make it more affordable to own a home and provide incentives for generating economic activity, and remove instances where income is taxed twice — by both the state or local entity and the federal government," said the organization, which represents eight groups.

The White House is working on overhauling the nation's tax systems with Republicans during closed-door meetings. On the table is eliminating the SALT deduction, which lawmakers representing blue states oppose because it benefits their constituents.

Treasury Secretary Steven Mnuchin said recently the tax reform plan, which will be unveiled in September, is focused on helping the middle class.

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A prominent group lobbied for the preservation of state and local tax (SALT) deductions in a new report.
advocacy, group, lobbies, salt, deduction
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2017-17-11
Tuesday, 11 Jul 2017 04:17 PM
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