Rep. Underwood supports overturning SALT guidelines

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Rep. Lauren Underwood (D-IL) joined a bipartisan group of lawmakers seeking to overturn Treasury Department regulations seeking to restrict state and local taxes (SALT) deductibility guidelines.

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Last month, the Treasury Department issued final regulations barring municipalities across the country from establishing trusts accepting payments from taxpayers to satisfy state and local tax liabilities.

“Middle-class families in the 14th District of Illinois are being double-taxed due to changes in the state and local tax deduction from the Republican tax law, all so the one percent and big corporations can get a tax break they don’t need,” Underwood said. “I’m proud to work with my colleagues in the House and Senate to ensure middle-class families aren’t disincentivized from investing in their communities because they now owe a higher federal tax bill.”

Underwood recently introduced a bill to reverse a tax increase on middle-class families created by the introduction of a $10,000 cap SALT in the Tax Cuts and Jobs Act of 2017. The measure would help middle-class families increase the current cap on SALT deductions from $10,000 to $15,000 for individual filers, eliminate the law’s marriage penalty by allowing joint filers to deduct up to $30,000 and adjust the cap for inflation so the value of the deduction does not decrease over time.

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