Economists and tax experts are panning Nancy Pelosi’s idea to raise the federal cap on state and local tax deductions in the next bailout bill. The move wouldn’t give the economy much of a boost, they say
Pelosi floated the idea, which would lift a $10,000 cap on the federal deduction taxpayers are allowed to take for state and local taxes they pay, as Democrats start to compile their wish list for a “phase four” coronavirus rescue package.
More than half of the proceeds from fully repealing the SALT cap would go to the top 1 percent, households making more than about three-quarters of a million dollars a year. Still, it’s not too hard to see what Pelosi might be trying to do, and why other Democrats might be cheering her on. Gov. Phil Murphy of New Jersey said on Tuesday that he urged Pelosi to lift the cap in a pair of conversations just this week.
As it stands now, the families that would benefit from SALT cap relief might not get much of a boost from the $1,200 direct payments Congress just passed to help families weather the crisis. That's because the payments phase out for upper-income taxpayers. House Democrats considered pushing to ease the cap on state and local deductions in the "phase three" coronavirus measure that was signed into law last week, Gottheimer added. But that measure was mostly crafted through negotiations between the Senate and the Trump administration, forcing House Democrats to regroup and start preparing for phase four.
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