Restoring Tax Fairness for States and Localities Act

Floor Speech

BREAK IN TRANSCRIPT

Mr. PASCRELL. Madam Speaker, I rise in strong support of H.R. 5377.

The bill is a carefully crafted and balanced package of tax relief created to address the injustice done to our middle-class families by the SALT cap.

Remember, if you are rich, you get double taxed. If you are not so rich, you get double taxed.

That is what we are talking about here. It is the product of months of hard work by members of our committee and the working group led by Mr. Thompson.

I thank the gentleman from California for the time he spent on this and for not giving up. I am grateful to our many other colleagues from other States, blue and red. I also thank our committee chair, the gentleman from Massachusetts, for his leadership and hard work. I strongly urge all of my colleagues to support this important legislation.

I am going to conclude with this, Madam Speaker. They have only talked about one side--the other side has done this--about what happens to those ``millionaires'' if, in the bill, we pay for it by increasing the personal income tax from 37 percent to 39 percent, from where it was before.

Have you subtracted that from what you are going to get back on their taxes? No, you haven't, because you have done it in a dishonest way.

That is why the middle class gets shafted. Not this time.

BREAK IN TRANSCRIPT

Source