Overhauling The Tax Code & Restoring The SALT Deduction

In recent years, Westchester and Rockland counties have had the highest property taxes in the nation. Not only has David voted for the lowest tax rate on middle-class families in 60 years, but he has also helped lead the charge against the particularly negative impacts on New Yorkers of the 2017 Trump/Republican tax bill. When Donald Trump and his special-interest allies decided to cap state and local tax deductions, it was New York taxpayers who paid the price. With a background in tax law and economics research, Buchwald is uniquely positioned to tackle these issues in Congress in a way that no other candidate in this race can, overhauling the tax code and reversing Trump’s SALT deduction limit.

David Buchwald's tax plan will:

  • Reverse Trump’s SALT deduction limit, which has hit Rockland and Westchester Counties especially hard given that they have the highest property taxes in the nation.  
  • Repeal the Trump/Republican disastrous 2017 tax bill that prioritized tax breaks for large corporations over investing in workers. 
  • Establish higher multi-millionaire’s tax brackets on those earning more than $5 million, $10 million, and $100 million a year, especially to provide resources to recover from the COVID-19 economic crisis.
  • Pass a nationwide stock transfer tax to help fund much-needed programs like paid sick leave and slow down high-frequency trading that undermines the financial system. 
  • Eliminate the tax preference for capital gains on stocks over ordinary income and end the “Carried Interest Loophole” so that people on Wall Street stop getting favorable treatment compared to folks on Main Street.  
  • Support the No Outsourcing for Tax Breaks Act (H.R.1711), ensuring that corporations pay the same tax rate on offshore profits and do not receive tax breaks for outsourcing.
  • Enact a Social Security tax on investment incomes over $250,000 per year, with the funds being used to shore up the finances of the Social Security system.

Last year, David introduced and passed the New York TRUST Act, which enables the U.S. Congress to request the New York State tax returns of top government officials -- a law which Donald Trump is now suing to block. Along with State Assemblywoman Amy Paulin, who has endorsed his candidacy, he has provided advice to attorneys for the Village of Scarsdale in its lawsuit against the Internal Revenue Service related to the SALT deduction limit, and David has helped successfully decouple New York’s income tax system from the federal framework, including to allow a full deduction for state and local taxes.