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Press Release

Repealing the SALT Cap Would be a Colossal Mistake

"I am a millionaire living in New York City who is affected by the SALT cap, and I cannot think of anything more unacceptable and shameful than for Democrats to push this repeal through."
WASHINGTON -

Democrats in Congress are currently engaged in negotiations around repealing the $10,000 cap on State and Local Tax Deductions in their budget reconciliation bill. This change would overwhelmingly benefit wealthy Americans.

In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:

“Repealing the SALT cap would be a colossal mistake. Democrats have already cut trillions of dollars of vital aid for American families from their reconciliation plan, so to add a significant tax cut for the wealthiest Americans in its place would be adding insult to injury. Everyday Americans would not benefit whatsoever from the SALT cap repeal, while the top 0.1% of households in states like New York and New Jersey would get an average $300,000 tax break. This must not be allowed to happen.

I am a millionaire living in New York City who is affected by the SALT cap, and I cannot think of anything more unacceptable and shameful than for Democrats to push this repeal through. It is beyond past time that wealthy Americans like me pay more, not less, in taxes.

If Democrats are absolutely committed to amending the cap, it should only apply to people making less than $1 million a year. No millionaire should be getting a tax cut from this reconciliation bill.”

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The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country’s political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three “first” principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

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