South OC Times

U.S. Representative Young Kim of California's 40th district has supported H.R. 1, a legislative package aimed at benefiting working families and small businesses while enhancing the efficiency of federal government operations. As the Republican co-chair of the State and Local Tax (SALT) Caucus, Rep. Kim successfully advocated for a significant increase in the SALT deduction cap, which is set to rise by 400%. This adjustment is intended to provide financial relief to California families affected by the existing $10,000 SALT cap.

Rep. Kim expressed her views on the legislation: “Californians I represent have been bearing the brunt of persistent inflation due to wasteful spending from Washington and Sacramento. It’s past time for relief. Increasing the SALT cap 400% is a huge win that allows middle-class families I represent to keep more hard-earned money in their pockets.”

She further emphasized her commitment to fiscal responsibility and social welfare: “This bill takes important steps to ensure federal dollars are stretched as far as possible and strengthen Medicaid for our most vulnerable citizens. I will keep working to get our country back on the right track and protect the American dream for future generations.”

H.R. 1 also aims to safeguard Medicaid for vulnerable groups such as seniors, women, children, and disabled Americans. The legislation extends middle-class tax cuts and enhances the child tax credit originally established under the 2017 Tax Cuts and Jobs Act. Additionally, it introduces a pilot program granting newborns $1,000 in a tax-advantaged investment account to promote financial literacy.

The U.S. Chamber of Commerce notes that nearly 25,000 small and pass-through businesses in Rep. Kim’s district could benefit from an increase of approximately $21,906,300 in their qualified business income deduction following this bill's enactment.