BLOOMFIELD, NJ - Mayor Michael Venezia joined a coalition of mayors from across the country on Tuesday to oppose the House Ways and Means Committee plan to reduce state and local tax (SALT) deductions for federal income tax.
“By eliminating the federal deductibility of these taxes, Congress would be shifting the balance of income taxation unfairly onto municipalities and states, forcing huge cuts in critical state and local services,” said Mayor Michael Venezia. “I am proud to partner with Americans Against Double Taxation in strongly opposing this bad legislation that would effectively raise taxes while providing fewer federal services to most Americans.”
According to statistics from the coalition Americans Against Double Taxation, 43 million Americans use this tax exemption. 39% of taxpayers with annual earning between $50,000 to $75,000; and 70% of taxpayers with annual earning between $100,000 and $200,000 use this deduction. Bloomfield township is divided between New Jersey’s 5th Congressional District and the 11th. In the 11th District, an estimated 52% of residents use this deduction.
Since 1913, SALT has helped support vital investments in infrastructure, public safety, homeownership and education and provided states and local governments with the financial flexibility to meet the needs of their constituents. SALT also prevents double taxation of Americans by allowing taxpayers to claim a deduction for the state and local taxes they have already paid from their incomes.