House Speaker Nancy Pelosi, D-Calif., is pushing for a new stimulus bill that would roll back the state and local tax deduction (SALT) cap, a proposal that would predominantly help wealthy individuals — including most residents in Pelosi’s district and perhaps even Pelosi herself.
A 2019 report from the Joint Committee on Taxation projected that of those who would face lower tax liability from the elimination of the SALT cap – which only affects those who itemize tax deductions – 94 percent earn at least $100,000. The government would lose out on $77.4 billion in tax dollars, with more than half of that amount being saved by taxpayers earning $1 million or more. Those earning more than $200,000 would reap most of the balance.
California’s 12th congressional district, which Pelosi represents, is among the wealthiest in the U.S., with a median income of $113,919, according to census data. The average household income is $168,456 — meaning most residents would benefit from any significant cut to SALT.
Pelosi and her husband have a property tax liability of approximately $198,337.62 considering their two homes, a winery and two commercial properties, public records show, indicating that the couple could reap substantial benefits in the event of a full SALT repeal.
Pelosi’s 2020 property taxes in Washington, D.C. totaled $13,997.20 on her Georgetown condo and garage, valued at $1,646,730. Her San Francisco property taxes totaled $51,480.02 — plus $47,631.98 from her Napa winery, $64,874.66 from a San Francisco commercial property, and $20,353.76 for another building. Property taxes for businesses and other commercial ventures generally have not been affected by SALT provisions.