(CNSNews.com) – Sen. Tim Scott (R-S.C.) told NBC’s “Meet the Press” on Sunday that Congress is looking at ways to help those in high tax states who will no longer be able to claim state and local taxes due to the tax bill.
When asked why corporations are able to write off state and local taxes but not individuals, Scott said, “I think the question about writing off ordinary business expenses versus writing off state and local taxes are two very different questions.
“One has to do with businesses. The other has to do with how we treat high tax states like New York, New Jersey and do we allow other Americans in South Carolina, North Carolina to subsidize those high taxes? What I'll tell you is that we are looking at ways to sweeten the SALT solution,” he said.
“What does that mean, though, when you say sweeten? Expand the deduction a little bit or what does that mean?” NBC’s Chuck Todd asked.
“There's a lot of conversation around the fact that in some of the blue states where the taxes are high, the property tax alone will not be, they will not be able to use the $10,000 possible deductions. So allowing for income and property taxes, which would cost another $100 billion by the way, to be options for folks in those states would be a better solution, and we're looking at ways to make that happen,” said Scott.
When asked whether that means Congress will raise the corporate rate from 20 percent, Scott said, “I'm hoping that we don't have to. We're looking at things, the two bodies have very different approaches to mortgage interest deduction, which would save us about $25 billion that we could use to provide more relief to the SALT, or my sweetener in the SALT, should I say.