WASHINGTON – Americans Against Double Taxation issued the following statement in reaction to the release of House Ways and Means Chairman Kevin Brady’s tax reform plan, which completely eliminates the personal income and sales tax deductions while capping the amount of the property tax deduction at $10,000:
“The partial elimination of SALT – combined with cutting the cap on the mortgage interest deduction in half – will result in a double whammy on homeowners, raising tax bills while diminishing home values. The plan also will result in a backdoor hit to every taxpayer around the country, as it threatens essential public services, such as education, healthcare and infrastructure, that are substantially funded through state income and sales taxes. Personal income and sales taxes supply two-thirds of all state revenues.
“The plan creates an unprecedented double standard by eliminating the income tax deduction for individuals and families while preserving the same deduction for corporations.
“We will continue to oppose any plan that does not fully preserve the state and local tax deduction and the sovereignty of state and local tax decisions.”
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About Americans Against Double Taxation
Americans Against Double Taxation is a coalition of state and local government organizations, service providers and other stakeholders dedicated to protecting the state and local tax deduction (SALT), a federal tax deduction claimed by 44 million American taxpayers that supports vital investments in infrastructure, public safety, home ownership and education. For more information, visit AmericansAgainstDoubleTaxation.org.