Chuck Schumer and Kristin Gillibrand have put on a good show fighting to repeal the cap on SALT deductions that slammed New Yorkers during the Trump administration. But Nancy Pelosi has no intention of helping stem the tide of billionaires who are ditching Manhattan for Palm Beach, sources told The Post.
Publicly, the speaker of the House is joining with her blue-state brethren, claiming the cap on SALT deductions is unfair to residents of states like California and New York, both of which have been getting slammed by a steady exodus of well-heeled residents to more tax-friendly venues like Florida and Texas.
At a news conference last month, Pelosi called the limit “devastating” and said she wants to remove the cap, which prevents taxpayers from deducting more than $10,000 of state and local taxes from their federal return.
“Hopefully we can get it into the bill,” Pelosi said. “I never give up hope for something like that.”
Indeed, the cap has been wildly unpopular with the donor classes in both states who felt they would be given special consideration for their close ties to top politicians. Other blue-state Democrats have fought back, with New York Sens. Gillibrand and Schumer having introduced legislation that would remove the deduction.
Privately, however, sources said she’s whispering to cohorts that she has no intention of changing the SALT cap on high earners. Instead, she’s willing to marginally raise the SALT cap for households making less than $400,000. She has no intention of providing relief for anyone above that threshold, according to a well-placed source.
Spokespeople in Pelosi’s office didn’t respond to requests for comment.
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