Chairman Thompson Holds Hearing on State and Local Tax Deduction
Washington – Today Chairman of the House Ways and Means Subcommittee on Select Revenue Measures Mike Thompson (CA-05) held a Subcommittee Hearing on How Recent Limitations to the State and Local Tax (SALT) Deduction Harm Communities, Schools, First Responders, and Housing Values. Thompson released the following statement at the conclusion of that hearing.
“People across our district and our state know firsthand the harmful impact of the GOP tax bill’s cap on the State and Local Tax Deduction. Taxpayers in our district suffered a tax increase, and city and county governments now have fewer resources to provide for essential local services. The cap makes it harder for local governments across our nation to provide the resources needed to support budgets and benefits such as public schools, infrastructure, first responders and critical local health care programs. Capping the deduction also punishes regions like ours where the cost of living is already high, making it harder for people in our communities to afford the cost of rent or pay their mortgage.
“Though this hearing should have been held two years ago during the drafting process for the Republican tax law, I was glad to hear today from experts and witnesses who spoke to the ways this cap is impacting their communities, from Virginia to Wisconsin, from schools, to fire departments. This feedback is critical as we determine the path forward to addressing the harmful impact of the SALT cap.”
You can click here to watch Chairman Thompson’s opening remarks in the committee hearing.
Congressman Mike Thompson is proud to represent California’s 5th Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma Counties. He is a senior member of the House Committee on Ways and Means where he chairs the Subcommittee on Select Revenue Measures. Rep. Thompson is Chairman of the House Gun Violence Prevention Task Force. He is also Co-Chair of the bipartisan, bicameral Congressional Wine Caucus and a member of the fiscally-conservative Blue Dog Coalition.