Democrats Say “Tax the Rich" But Mean “Tax Breaks for the Rich"
SALT Cap Gives Tax Break to Millionaires and Billionaires, Middle Class Gets Nothing
November 5, 2021 - Blog - Press Releases - Select Revenue Measures
Democrats in Congress are wrestling with each other to see how big of a tax windfall they can give the Top 1% by increasing the SALT cap in their reckless tax-and-spend bill.
The SALT tax giveaway offers a $125,000 stimulus to millionaires and billionaires, while the 90 percent of middle-class taxpayers who don’t itemize their taxes get nothing.
KEY TAKEAWAYS:
* Democrats increased the $10,0000 SALT cap to $72,500 in their bill, providing wealthy taxpayers with tens of thousands of dollars per year in tax benefits. The average middle-class household gets just $15.
* None of the benefits from the SALT repeal go to lower-income Americans, so occupants of the penthouse cheer while the building janitor gets nothing.
* The SALT cap expansion also gives a green light to blue-state governors and mayors to raise state and local taxes even brutally higher on families and small businesses.
* Even former Obama economic advisers Jason Furman and Larry Summers have criticized restoring the deduction as an unjustified handout.
* Senator Sanders says it would be “absurd and hypocritical" to provide the richest people in this country with a massive tax break and calls the SALT repeal a “tax break for rich people in blue states".
* The top 5% would receive a net tax cut of $30 billion each year.
READ: Dems: Hike Taxes on Middle Class to Pay for $475B SALT Tax Shelter for Rich
