ms. gallagher: yes. rep. malliotakis: the salt deduction, could you explain how constituents may not have benefited from salt? ms. gallagher: the salt adduction was, because of its limitation the salt deduction is actually part of the computation of the amt. it is an ad-back. you are calculating your taxable y have to add back all of your salt taxes. my warning in my written testimony was that if there is an argument to have salt, then we have to keep amt out as well. rep. malliotakis: i agree with you. ms. gallagher: because everybody who may not be limited in salt will be paying amt and they are no further ahead than they were. rep. malliotakis: i agree with you 100%. with salt, if we were able to increase that deduction do you have any estimates of what could cover the majority of middle-class families? ms. gallagher: i have not done that math. rep. malliotakis: no problem. just curious. around $23,000 was the average deduction from middle-class families with an income level of to hunt a thousand dollars t

ms. gallagher: absolutely. rep. moran: if we take that away, what happens if those businesses no longer pay the lower rate but are paying 43%, more than 99% of the businesses in america would pay. what would happen? ms. gallagher: an economic downturn. rep. moran: that's what happens. i want to end by agreeing with mr. gomez when he says we should consider the impact of working families when we consider the tax cuts paid in my district we have a median income of $61,000. a family would see a $1142 tax cut. it is worth about six weeks of groceries in my region. it's enough money to cover about 27 full tanks of gas even in our big trucks. that's based on the average pricing. those are important things. groceries and gas are important to every american and every texan i represent. the tax cuts and jobs act cannot expire, we must continue the provisions to allow families to thrive and businesses to grow. rep. plaskett: it's great to be part of these discussions that affects so many americans pay the notion of taxes and

ms. gallagher. you may begin when ready. >> chairman smith, ranking member neil, distinguished members of this committee, thank you for the opportunity to provide testimony today on the importance of properly extending provisions of the tax cuts and jobs act, tcja. my name is michelle gallagher, cpa from the great state of michigan with 35 years of experience working with businesses of all sizes of the working families, and multigenerational family enterprises. i have seen firsthand how the provisions of the tcja have provided critical support to the businesses, farmers and working families that form the backbone of our economy. to start, i want to strongly encourage congress to make addressing the permanency of tc ja your top priority. taxpayers and their advisors are desperately seeking certainty and protect ability so they can plan for the future. without clarity, businesses and farmers are likely to delay or forego investment which could stall economic growth and depressive job creation. congres

ms. gallagher: no. mr. schneider: larger than our defense budget. we are paying more in interest and service to our debt than any other line in our discretionary budget. as we stand here and we find ourselves again in this conversation about giving large cuts in taxes to people who are doing really, really well, i'm not talking about small businesses, i'm not talking about folks who are struggling to make ends meet. but to take away from programs like medicaid and investments in education to give a tax cut to people who don't really need it and add to the debt of the country so we are losing -- ms. silver you know from your experiences you are looking to make ends meet, the money that came in during the crisis, the pandemic, allowing companies to invest. i think you invested -- >> now to the floor of the u.s. house for vo

ms. gallagher, when you are saying that the 199a's are a great thing and it is harder for the wealthy to qualify. i guess that is my biggest issue with the 199 a. all of us want to help small businesses. it has not in a person elected to anything -- dogcatcher, school board, nothing else -- it will not tell you twa

on the trace gallagher and it's on the s is america's thi late ms. fox news late at nighta appeared to tonight we get brand-new information on therr horrifying truckif attack on people in the french quarter of new orleans. the fbi i leading theio investigation is treating it ase an act of terror and asking for the public's help in the search for likely coconspirators as thw death toll has risen to 15 withh dozens injured and someme of thm severely. ats this hour the fbi jointde tterrorism task force staked outside of the suspect's home in euston north houston has a signed search warrant and expec that as you look live there to enter that homo ene very soon.oo they expect to get a lot ofil l information. we will detail that for you. do we have team fox coverage garrett tenet with the latest on the investigation but we began with marianne rafferty on the terror threat that took place today in las vegas involving tesla cybertruck and trump owne. hotel coach a good evening.ly the terrorist attack inne new orleans caught fire outside of the trump tower in