Speaker Pelosi’s Idea to Repeal SALT Caps in Coronavirus Stimulus Would Be a Huge Mistake

Tuesday, March 31
For Immediate Release
Tuesday, March 31, 2020
Contact: Sam Quigley
sam@patrioticmillionaires.org
317-752-9150

 

Speaker Pelosi’s Idea to Repeal SALT Caps in Coronavirus Stimulus Would Be a Huge Mistake

“If Democrats want to be the party of working people, prioritizing tax cuts for wealthy taxpayers, even in blue states, is not the right thing to do.”

Washington, DC – Last night, Speaker of the House Nancy Pelosi floated the idea that the next coronavirus stimulus package could include rolling back the Tax Cuts and Jobs Act’s $10,000 cap on the state and local tax (SALT) deduction. While the SALT deduction cap disproportionately impacts blue states, it also disproportionately impacts the wealthy, and repealing the cap would be extremely regressive.

In response to this news, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., said:

“The priority for Speaker Pelosi at this time should not be a tax break for the well to do. Repealing the SALT cap would be a huge mistake. The last people who need help right now are the well-off taxpayers who would be affected by this change. Congress should instead be prioritizing low-income and middle-class workers most directly hurt by the economic effects of the coronavirus. As a wealthy New Yorker, I’m not worried about my ability to deduct my state and local taxes, I’m worried about all the people who have lost their jobs or had their hours cut as a result of this crisis and how that will affect my state, my city, and my family in the long run.

If Democrats want to be the party of working people, prioritizing tax cuts for wealthy taxpayers, even in blue states, is not the right thing to do. We already have too many politicians in Washington whose answer to every problem is to cut taxes for the rich.”

For further comments or questions, please contact Sam Quigley at sam@patrioticmillionaires.org.

###

About the Patriotic Millionaires

Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system. You can find out more at https://patrioticmillionaires.org/about/

The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at https://patrioticmillionaires.org/media

###

The Patriotic Millionaires
1701 K St NW
Suite 750
Washington DC 20006 United States