NO DOUBLE TAXATION; REPEAL $10,000 SALT CAP

On December 22, 2017, the Tax Cuts and Jobs Act, became new federal tax law. That law contains a fundamental inequity resulting in taxpayers paying double taxation in many states. State And Local Taxes (SALT) are tax payments made for property, sales, and state and local income taxes, now capped for the first time in over 100 years to a federal income tax deduction of $10,000. This cap or limitation results in the IRS taxing a second time SALT payments above $10, 000, which already have been taxed by state and local governments. IRS taxation on money already taxed and collected by state and local governments is fundamentally wrong and unjust. In 2018, Congress must restore the full deductibility of all SALT taxes retroactive to January 1, 2018 to correct a fundamental inequity and injustice in the new federal IRS tax code.