League of Municipalities Urges Congress to Protect the Deductibility
of State and Local Taxes at Annual Conference
During the League of Municipalities’ Annual Conference the members passed Conference Resolution No. 2017-02 Urging Congress to Protect the Deductibility of State and Local Taxes. The federal income tax deduction, known by the acronym SALT (for State And Local Taxes), has been part of the United States tax code as long as there has been a federal income tax to ensure against double taxation and reflects mandatory tax payments, which support public services that benefit all citizens.
Taxpayers in all 50 states benefit from the SALT deduction, which is claimed by taxpayers of all income levels. The deduction is especially important for middle income homeowners, as 50% of the deductions claimed by taxpayers making $50,000 to $100,000 are for property taxes.
Eliminating the SALT deduction would raise taxes on middle class homeowners – even if the standard deduction were doubled. A recent study commissioned by the National Association of Realtors found that homeowners with adjusted gross incomes (AGI) between $50,000 and $200,000 would see an average tax increase of $815 if SALT were eliminated and the standard deduction were doubled.
The resolution was sponsored by Brian C. Wahler, Mayor of Piscataway and League Past President and Richard S. Goldberg, Mayor of Hawthorne
The full text of the resolution is available at http://njslom.org/press-releases/2017-1120-res-2017-02.html
Brian C. Wahler, Mayor of Piscataway, at 732-562-2301 or firstname.lastname@example.org.
Michael Cerra, Assistant Executive Director, at 609-532-2494 or email@example.com