Banana Stand Money Act
The House Democrats cannot keep upping the national credit card’s limit. Congress needs to get serious about addressing its out-of-control spending. That’s why I introduced the bill, the Banana Stand Money Act.
My bill would lower the State and Local Tax (SALT) deduction to $0, eliminating a tax break for blue state billionaires. It would also recall unspent money from the American Rescue Plan. As of today, billions of those dollars have not been spent, and are not even required to be spent until 2026, despite the fact that the legislation was intended to be an emergency response to the coronavirus pandemic. Combined, the savings of these two provisions would equal roughly $480 billion.
As the saying goes, there’s always money in the banana stand. There are plenty of opportunities for savings within the bloated budget of the federal government, and legislators need to get serious about finding those savings.
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