Kean Speaks on House Floor in Support of Raising the SALT Cap

February 14, 2024

(February 14, 2024) WASHINGTON, DC – Today, Congressman Tom Kean, Jr. (NJ-07) spoke on the House floor in support of H.R. 7160, the SALT Marriage Penalty Elimination Act, a bill to modify the limitation on the amount certain married individuals can deduct for State and Local taxes.

Congressman Kean is a cosponsor of H.R. 7160 and is the Vice-Chair of the bipartisan SALT Caucus.

You can watch Congressman Kean’s floor speech HERE.

Here is the full text of the Floor speech;

“Mr. Speaker, I rise in support of the rule providing for H.R. 7160, The SALT Marriage Penalty Elimination Act. This crucial piece of legislation is aimed at providing much-needed tax relief to hardworking families across my home state of New Jersey and to many families across the U.S.

This bill begins to address the issue of double taxation that New Jerseyans, New Yorkers, and countless families far and wide have been hindered by for nearly seven years. Seven Years too long, Mr. Speaker. This will make an adjustment to the state and local tax deduction (SALT), specifically raising the cap from $10,000 to $20,000 for joint returns with adjusted gross income below $500,000. With this bill, we are acknowledging the economic challenges faced by our neighbors, ensuring that the tax burden is alleviated for those who need it most.

New Jersey families need tax relief right now and this specific approach to doubling the joint returns cap is a critical and necessary step to taking the tax burden off the backs of our neighbors. The economic destruction of the SALT cap spares nobody. It deters young families from purchasing their first home, it denies seniors the ability to stay close to their roots near family. And as a result, every industry across our great country suffers. When that happens - no matter your zip code or your income - every individual is hurt in some measure.

Let me be clear, this legislation is the floor, not the ceiling, for the SALT relief we can and must fight to deliver for New Jersey families. To my colleagues on both sides of the aisle; we all represent different communities and districts. Let me remind each and every one of us that we all share the honor of representing hardworking Americans who play by the rules and simply want to be treated fairly.

Today, we must have the opportunity to come together with a united voice in this House for fairness. We can deliver relief to those who need it, at the expense of no-one, and at the benefits of countless. It would just be a small measure of our potential to do good here in Washington, D.C. but a monumental win for millions of families across our country. Thank you, Mr. Speaker, and I yield back.”

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