Congressman Krishnamoorthi Fights to Preserve State And Local Tax Deduction Benefits
SCHAUMBURG, IL – Congressman Raja Krishnamoorthi today continued his fight to preserve the State and Local Tax (SALT) Deduction benefits for residents of his suburban Chicago district. Congressman Krishnamoorthi convened a round table with local mayors and constituents on the importance of the SALT Deduction in the aftermath of its being capped at $10,000 by last month’s tax bill passed by the Republican majority in Congress. Joined by presenter Daniel Kay Hertz, Research Director of the Center for Tax and Budget Accountability, Congressman Krishnamoorthi discussed policies to pursue in Illinois that are also being explored by California and New Jersey communities to structure some payments for local government services as charitable contributions in order to preserve savings for taxpayers. The majority of the discussion centered on how similar strategies could be best utilized in Illinois and the obstacles those approaches would need to overcome.
“I’m glad we could bring people from our community together to talk about the drastic reduction to the State and Local Tax Deduction under the new tax law,” said Congressman Raja Krishnamoorthi. “This is an enormously important tax deduction for so many people in our area and if we don’t act to find solutions, this could cost them thousands of dollars each year. Today’s discussion was about preventing a huge tax increase for our community.”