U.S. Representative Brian Mast (R-FL) introduced a bill that would reduce federal spending by $ 480 billion, the amount of the proposed increase in the debt ceiling.
Mast introduced a bill on October 12 that he calls the Banana Stand Money Act, HR 5565, that would completely repeal the National and Local Tax Deduction (SALT) and recall unused funds from the US bailout. By eliminating tax deductions and canceling money that still has not been spent in connection with the coronavirus pandemic, the federal government would be cutting spending instead of increasing its credit limit.
âAs the saying goes, ‘there is always money in the banana stand.’ There are many savings opportunities in the inflated federal government budget, and Congress needs to take control of our spending seriously, rather than just increasing the national credit card limit every time, âMast said. . âIt is high time to wake up seriously and make a real effort to cut expenses. ”
The SALT deduction favors wealthy residents, who would see an average tax savings of $ 154,000 compared to the average 60 percent of employees who would save only $ 37, according to the Brookings Institution. Additionally, Mast said the billions of dollars affected by the US bailout are not being spent, although it is not mandatory to spend them until 2026. However, Mast said the legislation was intended to be spent. an emergency measure to deal with an immediate public health crisis. As of October, states had spent, on average, only 2.5% of the federal dollars they were granted under the bill, and large cities had spent only 8.5%.