Eliminate the SALT Deduction Cap for Greater Financial Relief

The US housing market is on fire, with median house prices having jumped 20% in the last year. Particularly, the Bay Area has become an expensive place to live. Real estate prices have consistently increased above the CPI and wage growth in this area, making home affordability in Silicon Valley a daunting task. This situation affects not only professionals working in the high-tech industry but also makes it very hard for service professionals to live in this area. This vicious cycle has not been properly addressed by local governments. The $10,000 cap on the state and local tax deduction (SALT) in federal taxes isn’t helping either. I would like to remove any limit on the SALT deduction. When Californians are paying high taxes on everything, they should have the right to deduct all the taxes they pay. The current one-size-fits-all model (SALT limit same across the US) does not work. The average home price in the Bay Area has risen to levels where paying property tax has become prohibitive. California State definitely does not need the extra windfall money. Prop 13 needs to be modified so that the tax is no more than 0.5% of the market property value. This will open up many more homes for sale and encourage the construction of new homes.