House Democrats Propose Additional Tax Relief and Reform Measures in HEROES Act
"Although the HEROES Act tax provisions represent a bid by one party caucus on tax policy, it is a useful index on where House Democrats are as they shape tax policy. This legislation is aspirational but has practical implications: some of these ideas may become law, now or even in the next Congress. Embedded in political messages, corrections, and consensus opportunities are a few key ideas. The net operating loss provision will open a contentious debate on how to target and simplify efforts to get liquidity back to impacted firms. The temporary lifting of the cap on SALT deductions is a clever and targeted (if regressive) bid to reverse a key policy change in the Trump tax regime on behalf of swing voters in high tax, affluent communities. We can expect to hear more about both."
- Hon. Phil English
Former Ways and Means Committee Member