SALT increase would be deduction for wealthy
Democrat House Reps. Underwood/Casten's bill was introduced to raise the cap on the SALT, state and local tax deduction, from $10,000 to $15,000, citing the Tax Cuts and Jobs Act of 2017 as a disproportionate tax burden on Illinois families. Truth is the Underwood/Casten Bill is an automatic increased tax deduction benefit for the wealthy, not lower to middle income taxpayers.
Given median income $92,461 in Underwood's 14th Congressional District, and $98,889 in Casten's 6th District, benefits in both districts are dependent on high income to itemize tax deductions. More Illinois taxes equal more benefit. The estimated maximum benefit gained is 32 percent of $5,000, or $1,600.
In our 11th congressional district, where median income is $75,446, most are unlikely to benefit from the Underwood/Casten Billm unlikely to itemize, but getting the greatest benefit from the "TGJA" of 2017 increased standard deductions. The "TCJA" expanded the standard deduction from $6,500 to $12,000 for single filers and $13,000 to $24,000 for joint filers.
In the last Illinois election, the Democrat promise was no tax increase for low to middle income taxpayers. However, taxing the rich more turned out insufficient. So, the Democrat controlled state, governor and legislature, now want to burden the low to middle income taxpayers with new regressive taxes such as doubling the gas tax, taxing the rain, creating a state exit tax, taxing plastic bags and the latest tax of converting Interstate 80 to a tollway. Legislation to cut spending is nonexistent.
At the national level, two Illinois Democrat congressional members are legislating to benefit the wealthy. At the state level, we had the Democrat promise, to only tax the wealthy. Given deemed insufficient income tax revenue produced, our Democrat-controlled state plans to turn on the tax faucet full force to take what they can from the lower to middle income taxpayers. You can't make up this hypocrisy.
Roger J. Kempa