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Malinowski & Porters SALT Act - Supporting Americans with Lower Taxes Act
https://malinowski.house.gov/sites/evo-subsites/malinowski.house.gov/files/evo-media-document/Supporting%20Americans%20with%20Lower%20Taxes%20%28SALT%29%20Act_0.pdfWhat I love about this proposal? It will hurt people making $450K a year in Florida, Tennessee, and Texas - who had those of us living in NJ, NY, CA making $80K to $200K a year - paying THEIR fair share.
But - The money to tax the TRULY rich people in the no income tax and low property tax states - will go towards Hearing and Vision for Medicare. They don't pay their fair share for children - they can pay it for Seniors.
SEC. 3. MEDICARE VISION AND HEARING TRUST FUND.
(a) IN GENERAL.—Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new section:
‘‘SEC. 9512. MEDICARE VISION AND HEARING TRUST FUND
(a) CREATION OF TRUST FUND.—There is estab10lished in the Treasury of the United States a trust fund to be known as the ‘Medicare Vision and Hearing Trust Fund’, consisting of such amounts as may be appropriated or credited to such fund as provided in this section or sec14 tion 9602(b).
‘(b) TRANSFERS TO TRUST FUND.—There are here16 by appropriated to the Medicare Vision and Hearing Trust Fund amounts equivalent to the amounts received in the Treasury by reason of the amendment made by section 2 of the SALT Act.
(c) EXPENDITURES.—Amounts in the Medicare Vision and Hearing Trust Fund shall be available, as provided in appropriation Acts, only for the purpose of providing vision and hearing benefits pursuant to the Medicare program established under title XVIII of the Social Security Act.’’
Sounds like a win to working class folks in my Congressional (NJ-7) district. Public Works, Teachers, Law Enforcement, Fire, EMT, entry level Electricians, Beauticians, Plumbers, Accountants, Administrative Assistants at big pharma -
Deserve a Break.
Note - it also blocks corporations from benefitting from it.