Democrat Floats Paying for SALT Cap Repeal With More Tax Audits
- Proposal kicks off negotiations on SALT deduction restoration
- Gottheimer supports mandatory audits rates for the wealthy
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Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break.
The New Jersey Democrat said Monday that increasing funding for the Internal Revenue Service to boost enforcement efforts could yield enough money to pay for reinstating the full SALT deduction as well as a portion of President Joe Biden’s $2.25 trillion infrastructure package.