Smith Opening Statement at Members’ Day Hearing Focused on the Recent Changes Made to the Federal Tax Treatment of State and Local Taxes

June 25, 2019 — In Case You Missed It...    — Opening Statements   

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.

CLICK HERE to watch the hearing.

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.”