00:00I just wanted to ask you about the discussion going on with SALT right now.
00:04Obviously, you still have a fair amount of New York Republicans who are not bugging when it comes to discussions on SALT,
00:10but you have Republicans from other states that are saying otherwise.
00:14One of the more hidden accounts that you saw with President Tom Swazin, Tom King of 2009,
00:19in one of the hearings, which is that Texas is in effect by SALT.
00:23It's was a catastrophe over and over again.
00:27Tell me about your thoughts on Republicans who want to keep the SALT capital gains,
00:32but then they say that taxpayers shouldn't get a break or shouldn't live in a high tax state.
00:37Do you agree with that, or do you think it's fair for Republicans from other states to assist in the U.S.?
00:42States like New York and New Jersey and Connecticut and Illinois and California are donor states.
00:49We regularly send billions of dollars more to the federal government than we get back in return.
00:56We are donor states.
00:58So we're not going to be lectured by people who are actually in what has sometimes been referred to as taker states,
01:05who actually receive more money every year from the federal government than they send in terms of taxpayer dollars as to what is fair and what is right.
01:19It's actually not fair that you have many states in this country who subsidize other states.
01:28New York subsidizes other states.
01:31And so to provide some measure of relief through the state and local tax deduction, I think, is a modest step toward balancing the revenues that come in and the revenues that come out.
01:50The people of New York are fine with continuing to be a donor state, but it is unfair to cap the state and local tax deduction at $10,000.
02:06And if my Republican colleagues were really interested in providing relief to middle class taxpayers that they represent, then they would simply say and make clear that this budget should remain silent on the state and local tax deduction because by doing nothing, the cap disappears effective December 31st of this year.
