Pennsylvania Residents 'Should Be Concerned' About SALT Deduction In Tax Bill
PHILADELPHIA — As the tax plan in Congress heads to a conference committee, Americans Against Double Taxation coalition member Otto Voit warns it raises taxes on the working class people of Pennsylvania by cutting the state and local tax (SALT) deduction.
"They should be concerned," Voit told The Rich Zeoli Show on 1210 AM WPHT. "It will increase taxes for people in Bucks, Montgomery and some people in Philadelphia County...for people earning between 50,000 and 200,000."
He broke down numbers for specific districts, saying "in Congressman Meehan's district (Pennsylvania's 7th congressional district), they will pay $1,645 more per year, Congressman Ryan Costello's (6th congressional district), $1,477, Congressman Michael Fitzpatrick's (8th congressional district), $1,513. With SALT, this is a great tax reform for business and individuals. Without, it's only a good business reform package".
The value of homes in Pennsylvania will go down this year, Voit said.
"Property values in PA will decrease between 8 and 12 percent," he explained. "Not only will people pay more in taxes but when they go to sell their homes, they will be worth less."
