Ryan Schneider, CEO of Realogy, recently sat down with Congressman Bill Pascrell, Jr., who serves as a representative for New Jersey’s 9th congressional district and is a member of the tax-writing House Ways and Means Committee.
During the company’s Owner Update, the pair discussed several critical issues, including legislation to restore the full federal state and local tax (SALT) deduction.
SALT deductions, go back 156 years according to Pascrell, Jr., he said “we need to restore the SALT deduction, which is fair, which is reasonable and keeps the American Dream going, and I’m not going to stop until we do.”
Pascrell, Jr., also gave an overview of some of the relevant actions currently making their way through Congress, including a bill that focuses on infrastructure financing, green energy incentives, federal aid family medical leave and the advance child tax credit. Additionally, Congress is discussing disaster relief in New Jersey and the debt ceiling extension expiration and a final plan to resolve debt.
In terms of tax provisions, Pascrell, Jr., said “Putting things on the more affluent people creates the wrong attitude about wealth and how people should spend their money. We want people to think about what the creed of America is, provide equal opportunity and we’ll have a better society and a better life.”
Looking at homeownership, Pascrell, Jr., said we need to understand that shelter is just as critical as food.
“People will take care of their homes better if they have a piece of the action,” he said. “When they have some feeling of ownership, they’ll take care of the place better.”
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