Representative Malinowski Advances Restoration of SALT Deduction for Middle Class New Jersey Voters

Representative Malinowski Advances Restoration of SALT Deduction for Middle Class New Jersey Voters

(Washington DC) Today, the House passed President Biden’s Build Back Better Act. The transformative legislation includes a provision drafted by Representative Malinowski that would fully reinstate the SALT deduction for New Jersey taxpayers for the next nine years. Representative Malinowski was instrumental in negotiating SALT under the spending bill and issued the statement below.

“When I ran for office in 2018, I promised to reinstate the SALT deduction for my middle class constituents. The Build Back Better Act, which we passed today, includes a deal that I helped negotiate with the White House and Congressional leadership that would fully reinstate the SALT deduction for over 96% of taxpayers for the next nine. years.

Most importantly, the House SALT arrangement pays for itself – so it does not increase the federal deficit, force us to raise other taxes or remove resources from the infrastructure, education and clean energy investments that we also realize today. It will also give homeowners and people who are considering buying a home the assurance they need that they will be able to deduct their property taxes for nearly a decade. I am proud that we are keeping our promise with this very simple approach that benefits virtually everyone in my district without costing a dime.

The details of how SALT is approached in Build Back Better may change as the bill arrives in the Senate, but I am hopeful that we will come up with a solution that preserves these principles: full deductibility for the overwhelming majority. of New Jerseyans, stability over time and fiscal responsibility. I will continue to work with key members of the Senate, including Senators Menendez and Sanders, to ensure this happens.

We could not have achieved this victory without the leadership of the entire New Jersey Congressional delegation, including Representatives Pascrell, Gottheimer and Sherrill. Together, we insisted “No salt, no deal” and the House answered our call. As a result, we are closer than ever to overturning the injustice of the 2017 GOP tax bill, which deliberately targeted middle-class owners to pay for its corporate tax cuts, and punished states like the New Jersey where we have chosen to pay for good schools. And services. Together, we are restoring tax fairness in New Jersey.

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