Inflation Reduction Act is a Win for No Tax Raises for Families, Small Businesses

Creates Jobs, Boosts American Manufacturing, Pays Down Debt, Huge Savings on Prescription Drugs, Healthcare Costs, Energy

Historic Climate Investment

WASHINGTON D.C. — Today, August 12, 2022, U.S. Representatives Josh Gottheimer (NJ-5), Mikie Sherrill (NJ-11), Katie Porter (CA-45), Tom Suozzi (NY-3), and Tom Malinowski (NJ-7) wrote to House Ways and Means Committee Chairman Richard Neal urging the inclusion of their fully paid-for proposal restoring the State and Local Tax Deduction (SALT) in any tax-extender package that is considered by the House Ways and Means Committee this year.

“During the negotiations over the Inflation Reduction Act (IRA), we helped craft legislation that does not raise taxes one penny on families or small businesses in our districts. We also beat back an extreme-right attempt to, once again, punish New Jersey, New York, and California families by further extending the punitive SALT cap for additional years. These are the same red state senators who gutted SALT in 2017 at the expense of New Jersey, New York, and California families,” the Members of Congress wrote in a letter to House Ways and Means Committee Chairman Richard Neal today. “It remains essential that we end the double taxation of our constituents that the red states and the extreme-right imposed in their tax hike of 2017.”

Full text of the letter can be found here and below:

The Honorable Richard Neal

Chairman, Ways and Means Committee

U.S. House of Representatives

Washington, D.C.  20515

Dear Chairman Neal:

As you begin work on a year-end tax extenders package, we respectfully request that you include our fully-paid-for proposal restoring the State and Local Tax Deduction (SALT) in any tax-extender package that is considered by the House Ways and Means Committee this year. Our proposal to restore SALT, as passed out of the House last year, will bring immediate relief to middle class families in our districts.

During the negotiations over the Inflation Reduction Act (IRA), we helped craft legislation that does not raise taxes one penny on families or small businesses in our districts. We also beat back an extreme-right attempt to, once again, punish New Jersey, New York, and California families by further extending the punitive SALT cap for additional years. These are the same red state senators who gutted SALT in 2017 at the expense of New Jersey, New York, and California families.

But beyond all that, the Inflation Reduction Act actually reduces costs for families in our districts, making energy, prescription drugs, and healthcare significantly more affordable. The bill will create jobs and spur domestic manufacturing – and not only is it fully paid for, it also significantly cuts the deficit. That is why we strongly support its passage and will vote for it on the floor.

However, it remains essential that we end the double taxation of our constituents that the red states and the extreme-right imposed in their tax hike of 2017. Therefore, we strongly urge you to include our proposal for restoring SALT in any tax extender package that your Committee takes up this year.  Thank you for your consideration.

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