SALT Cap: Marisa Waxman Speaks on Behalf of GFOA

On April 21, the U.S. Conference of Mayors hosted a webinar on Repealing the Cap on Federal Income Tax Deductions for State and Local Taxes (SALT). Featured speakers included Rep. Tom Suozzi and a panel of mayors discussing the impact of the $10,000 cap on the SALT deduction. Marisa Waxman, Budget Director of the City of Philadelphia represented GFOA in sharing insight on the critical need to repeal the SALT cap. Ms. Waxman emphasized that capping the SALT deduction in 2017 stripped valuable resources from local finance officials and limited their capacity as public servants. She stated the importance of SALT serving as an additional resource for finance officers thinking of infrastructure development, attracting businesses, and bringing jobs to their communities to drive local economies.