Foster Votes to Provide Relief for Illinois Taxpayers through Bipartisan SALT Legislation
Washington, DC – Today, Congressman Bill Foster (D-IL) voted in favor of the Restoring Tax Fairness for States and Localities Act, which would reverse the $10,000 cap on the State and Local Tax (SALT) deduction that that was enacted under the GOP’s 2017 tax law.
The legislation would eliminate the marriage penalty by doubling the SALT deduction cap to $20,000 for joint filers in 2019 and fully restoring the state and local tax deduction for 2020 and 2021. The cost would be offset by reverting the top individual tax rate from 37 percent to 39.6 percent, the same level as before the GOP tax law.
“On top of being a massive giveaway for large corporations and wealthy campaign donors, the Republican tax law actually resulted in a major tax increase for middle class families in Illinois and across America through its repeal of the SALT deduction which allows taxpayers to deduct the taxes they pay at the state and local levels from their federal taxes,” Foster said. “Illinois taxpayers already subsidize other states because we pay between 20 and 40 billion dollars more in federal taxes than we receive back in federal spending. Removing the SALT deduction only exacerbates this unfairness by forcing taxpayers to pay federal tax on money they already paid to state and local governments. This is double taxation, and it is wrong.”
More information about the legislation is available here.