“Tax policy should reflect America’s vital interest in protecting and growing the middle class, and I thank Rep. Grimm and Sen. Gillibrand for showing bipartisan leadership on this important issue,” Bishop added in his own statement.
According to a Gillibrand release, which relied on data from the Census Bureau and the Tax Foundation, the measure would allow New York taxpayers to keep an additional $1 billion per year. The release did not get into the amount of savings the measure would bring to all of the nation’s homeowners, though it did estimate that it would help up to 30 million Americans.
Gillibrand’s legislation has attracted one co-sponsor – Sen. Richard Blumenthal (D-Conn.) – since being introduced earlier this Congress.
The measure also comes amid discussion over reforming the American tax code, with lawmakers on both sides of the aisle calling for lowering tax rates while eliminating some tax credits and deductions.