- Republicans who supported the 2017 Trump tax cuts, which expanded the federal deficit by $2 trillion while showering tax breaks on the top 1% of earners, are already attacking Democrats for cutting taxes on the rich.
- GOP Rep. Jason Smith, the top Republican on the House Budget Committee — who backed the Trump tax cuts — rolled out an ad calling SALT the “Democrats’ way of giving the rich a tax cut.”
- National Republican Senatorial Committee Chairman Rick Scott vowed to scream from the hilltops how much money Democrats are “going to give to rich people.”
Igor Derysh, Salon from Rawstory writes:
“Congressional Republicans who backed the 2017 Trump tax cuts for the rich are already attacking Democrats over one provision in a bill that, in most respects, will raise taxes on the wealthy.
A group of Democrats from high-tax states, led by Reps. Josh Gottheimer of New Jersey and Tom Suozzi of New York and backed by House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, pushed to insert a provision in the House version of the Build Back Better package that would roll back a $10,000 cap on the state and local tax (SALT) deduction — effectively a tax break that overwhelmingly favors the wealthy. But an analysis by the nonpartisan Joint Committee on Taxation found this week that the overall package would increase taxes on millionaires by more than 3 percentage points. Furthermore, Senate Democrats are clamoring to “fix” the House-passed bill, which raises the cap to $80,000, to reduce the windfall to the wealthy.
Republicans who supported the Trump tax cuts, which expanded the federal deficit by $2 trillion while showering tax breaks on the top 1% of earners, are already running ads ahead of the 2022 midterms attacking Democrats for cutting taxes on the rich — in a bill that has not even passed the Senate…”
See full story here.
Categories: Government, Politics
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