WASHINGTON, D.C. – The top Republican on the House Ways and Means Select Revenue Measures Subcommittee Adrian Smith (R-NE) delivered the following opening statement at a Subcommittee Members’ Day Hearing Focused on the Recent Changes Made to the Federal Tax Treatment of State and Local Taxes.
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Remarks as prepared for delivery:
“Thank you, Mr. Chairman.
“Repealing the SALT cap would cost $673 billion over the next 8 years, and a majority of the benefit would go to the highest earners – it would amount to a $67,000 per year tax cut for families earning more than $1 million.
“To contrast, the average middle-class family making $50,000 to $75,000 would receive less than $5 per year.
“This morning one witness told us the average two income household in his village earned $77,800 and paid $20,000 in county and village taxes on a modest home.
“When this same family would be paying $75 in federal taxes, the idea that TCJA and not the $20,000 local tax bill is the problem seems insane.
“Thank you to our witnesses for taking the time to be here.”