SALT reversal

Schumer slams Trump on SALT reversal, calling it "selective amnesia" ahead of his New York rally 

From CNN’s Ted Barrett

Senate Majority Leader Chuck Schumer slammed former President Donald Trump Wednesday for announcing he would support reversing a cap on the state and local tax deduction, known as SALT, ahead of Trump’s Wednesday rally on Long Island, an area that was hit hard by the cap that the former president signed into law as part of a major tax bill in 2017.

Speaking on the Senate floor, Schumer called the cap on the deduction a “dagger aimed at blue states that want to spend a little more to help people with housing and health care and education, transportation. All of sudden, now that he’s on Long Island, Donald Trump’s selective amnesia kicks in and he totally reverses himself.”

The New York Democrat warned Trump won’t go through with his pledge if he wins back the White House: “It’s comical, unserious and shows the lack of integrity that this man has. His promises carry as much weight as Monopoly money.” 

“I’ve been a loud proponent of eliminating the SALT cap from the start. As long as I’m leader, I’ll do everything I can to make sure these caps expire at the end of next year,” Schumer said.

Trump and congressional Republicans included the so-called SALT cap, which limits a taxpayer’s state and local tax deduction to $10,000, in the Tax Cuts and Jobs Act as a way to pay for other tax cuts in the law. It largely affects higher-income people in high-tax blue states who itemize their deductions, but its unpopularity has led some GOP representatives in those states to call for its elimination as the party seeks to hold onto the House in this year’s election.