Schneider Statement on Vote Against “Tax Bill 2.0”
Today, Congressman Brad Schneider (IL-10), released the below statement following his no vote on H.R. 6760 which, if signed into law, would add nearly $3 trillion to the national debt by making permanent the individual provisions passed during 2017’s GOP partisan tax reform effort:
“Today, House Republicans voted to double down on a bad deal for Illinois working families. Make no mistake, if these extensions take place, they will further explode the already irresponsible $1.9 trillion cost of the original tax bill. While our debt balloons for the next generation, few of my constituents will see even short-term benefit from this legislation which makes permanent the punishing $10,000 restriction on use of the State and Local Tax Deduction.
“Also similarly to last year, this partisan bill was written behind closed doors with no input from Democrats and no public hearings to examine its impact. Thankfully, the Senate shows no indication of taking up this empty election-year stunt. We still need real tax reform that is fair, responsible, and restores the SALT deduction, and I will continue to reach across the aisle to achieve it.”
The non-partisan Congressional Budget Office estimated the one-year cost of extending the tax beyond the current sunset at $268 billion per year, suggesting a cost of nearly $3 trillion over the ten years after the extension take place.
Recent IRS data shows that in both Lake and Cook County, the SALT deduction was heavily utilized in Illinois’s Tenth Congressional District in 2016 and on average families claimed far above the new $10,000 limit.
- In Lake County, 42 percent of tax filers claimed the SALT deduction averaging $18,369 – the highest average deduction in any county in Illinois.
- In Cook County, 31 percent of tax filers claimed the SALT deduction averaging $12,949 – the third highest average deduction in any county in Illinois.