Co. Board member defends tax relief before Congress
Urges not to eliminate SALT deduction under tax reform
JOLIET-- Along with a group of local legislators from around the country, Will County board member and Chairman of the Finance Committee, Mike Fricilone (R-Homer Glen), testified on Capitol Hill this week in defense of the state and local tax (SALT) deduction. Over 125,000 middle class families in Will County save an average of $2,000 per year through the SALT deduction.
"This deduction keeps taxes low for our middle class residents," Fricilone said. "The SALT deduction is not only for the wealthy or residents of high-tax states, as it is often portrayed."
Taxpayers who itemize deductions on their federal income tax are eligible for SALT deductions. Through it, taxpayers can deduct their state and local property taxes, and either state income taxes or general sales taxes. The Trump administration's proposed tax reform plan would eliminate the SALT deduction.
"Eliminating the SALT deduction would essentially double tax our residents on income," Fricilone said. "Ultimately, eliminating this deduction will only shift the cost to the local level, and put pressure on state and local revenue systems."
About one-third of people who file taxes itemize deductions on their federal income tax returns, virtually all of which claim SALT deductions. Nationwide, more than half of the total amount of SALT deductions goes to people with incomes of less than $200,000 annually. In Will County, 90 percent of taxpayers filing SALT deductions earn less than $200,000 annually. SALT deductions have been in place since 1913 and the inception of the federal income tax.
Other state and local organizations have lobbied against the elimination of the SALT deduction as well, such as National Governors Association, the United States Conference of Mayors, and the National Conference of State Legislatures, among others. Fricilone spoke in Washington on July 11 on behalf of the National Association of Counties (NACo).
"This deduction keeps taxes low for our middle class residents," Fricilone said. "The SALT deduction is not only for the wealthy or residents of high-tax states, as it is often portrayed."
Taxpayers who itemize deductions on their federal income tax are eligible for SALT deductions. Through it, taxpayers can deduct their state and local property taxes, and either state income taxes or general sales taxes. The Trump administration's proposed tax reform plan would eliminate the SALT deduction.
"Eliminating the SALT deduction would essentially double tax our residents on income," Fricilone said. "Ultimately, eliminating this deduction will only shift the cost to the local level, and put pressure on state and local revenue systems."
About one-third of people who file taxes itemize deductions on their federal income tax returns, virtually all of which claim SALT deductions. Nationwide, more than half of the total amount of SALT deductions goes to people with incomes of less than $200,000 annually. In Will County, 90 percent of taxpayers filing SALT deductions earn less than $200,000 annually. SALT deductions have been in place since 1913 and the inception of the federal income tax.
Other state and local organizations have lobbied against the elimination of the SALT deduction as well, such as National Governors Association, the United States Conference of Mayors, and the National Conference of State Legislatures, among others. Fricilone spoke in Washington on July 11 on behalf of the National Association of Counties (NACo).
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