excalibur
Diamond Member
- Mar 19, 2015
- 19,616
- 37,668
Democrats plotting a big tax break for the wealthy.
No matter how you slice it, there’s no way to avoid one conclusion on the state and local tax deduction: The benefits go to people who are already well-off.
A new analysis out today from the Committee for a Responsible Federal Budget (CRFB) shows that Democrats’ latest attempt to expand the SALT deduction (which was capped at $10,000 per year by Republicans in 2017) “will be both costly and regressive.” Democrats think they’ve found a way for the restoration of the deduction to be revenue-neutral, but it’s just another budget gimmick.
...
The analysis finds that 93 percent of the benefit would go to the top quintile of income earners, and 65 percent of the benefit would go to the top 5 percent. The SALT provision would be the second most expensive part of the Build Back Better bill, which Democrats say is about expanding the social safety net and rebuilding the economy, not giving more money to wealthy taxpayers.
...
www.nationalreview.com
No matter how you slice it, there’s no way to avoid one conclusion on the state and local tax deduction: The benefits go to people who are already well-off.
A new analysis out today from the Committee for a Responsible Federal Budget (CRFB) shows that Democrats’ latest attempt to expand the SALT deduction (which was capped at $10,000 per year by Republicans in 2017) “will be both costly and regressive.” Democrats think they’ve found a way for the restoration of the deduction to be revenue-neutral, but it’s just another budget gimmick.
...
The analysis finds that 93 percent of the benefit would go to the top quintile of income earners, and 65 percent of the benefit would go to the top 5 percent. The SALT provision would be the second most expensive part of the Build Back Better bill, which Democrats say is about expanding the social safety net and rebuilding the economy, not giving more money to wealthy taxpayers.
...
Analysis: SALT Cap Relief Is Costly and Regressive | National Review
Democrats claim Build Back Better is about expanding the social safety net and rebuilding the economy, not giving more money to wealthy taxpayers.
www.nationalreview.com
