- Congressional Democrats have been touting their $1.75 trillion spending bill, but the latest version of their plan would give a massive tax cut to most of the 1% of wealthiest Americans.
- The SALT deduction would predominantly help the super-rich taxpayers in Blue States, as they are much more likely to be facing higher local tax bills.
- “The last thing we should be doing,” Sen. Bernie Sanders tweeted about repealing the SALT cap and giving more tax breaks to billionaires.
Andy Kiersz and Ben Wink from Insider write:
“Democrats have talked a big game about paying for programs that help working families by taxing the wealthy, but the latest version of their plan would give a huge tax cut to most of the 1% of wealthiest Americans.
The top 0.1%, though? They’re going to get higher taxes.
Congressional Democrats have been endlessly fighting over their $1.75 trillion spending bill. Key to the proposal is its pay-fors, or tax changes that offset the costs of new spending. Democrats need centrist members’ support to pass the plan, and centrists like Sen. Joe Manchin demand the package be fully covered by new taxes.
One of the recently added provisions to the proposed law is an increase on the amount of local and state taxes you can write off as a deduction on your federal tax bill. The SALT deduction would predominantly help affluent taxpayers in high-tax states, as they are much more likely to be facing high local tax bills…”
See full story here.
Categories: Business, Government, Politics
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