Claim: SALT Caucus members say the cap in the W&M bill is inadequate to deliver real tax relief for middle-class families.

Reality: Raising the cap to $62k/$124k would lower the tax liability of households in the top decile by $2,621 and $13 or less for those in the bottom five.

Additionally, the SALT cap would increase the tax liability for households in the top income decile by an average of $4,405 in 2026.

Using @us.policyengine.org, we project that the provisions would in 2026:
- Lower the federal revenues by $217 billion
- Benefit 74% of residents
- Provide an average household benefit of $1,636 (varying by income decile)

Happy Tax Day Everyone!

Last year I turned 25 and started a new job in August. Because of my age and earnings in 2024, I qualified for the Earned Income Tax Credit! Using @us.policyengine.org, I can calculate my federal EITC and state EITC, as well as my taxes and net income.

This means that once the rate is cut to 3% in 2030, it will take roughly ten years to fully eliminate the tax as hitting 1.15% of a 1 percentage point cut will result in 0.3 reduction to the state’s tax rate.

However, the Senate wanted the state’s excess revenue (after accounting for spending) to be at least 85% of the cost of a 1 percentage point reduction in the state’s tax rate before it would be cut.

They put 0.85% in the bill.

Great to see the WFTC included in the New York legislature’s budget proposal and for my analysis to be cited in the press release by State Senator @agounardes.bsky.social

You can read the full analysis at @us.policyengine.org using the link below:

policyengine.org/us/research/...

LET’S GO!!!