Tax the rich? Maybe not. Democrats' spending plan could be a tax cut for the rich, budget watchdog f

[Yo_Mama_Been_Loggin]

finds

Democrats' $1.75 trillion economic and climate bill could end up delivering a tax cut for the richest 5% of Americans, a new analysis finds.

The Build Back Better framework released by the White House last week calls for tax increases on the richest families, including a surtax on multi-millionaires and billionaires.

Although it wasn't addressed in the framework, some observers expect the package will eventually include a repeal of the $10,000 cap on the federal deduction for state and local taxes, known as SALT. Some Democrats have said they won't vote for the legislation without action on the SALT cap, which has been a particular issue in California, New York, New Jersey and other high-tax states.

The bipartisan Committee for a Responsible Federal Budget found in an analysis released Friday that repealing the SALT cap would more than offset the planned tax hikes on the rich.

https://www.msn.com/en-us/news/politics/tax-the-rich-maybe-not-democrats-spending-plan-could-be-a-tax-cut-for-the-rich-budget-watchdog-finds/ar-AAQbR0X

[The Magistrate]

1. The 'Salt' Should Be Removed, Sir

It was an attempt to damage state governments that actually govern in decent style. The intent was to create pressure to cut taxes Mississippi-style in places like Illinois and New York and California.

It should go, and I don't care if some well-to-do people benefit from doing so.

[drexelkathy]

2. SALT needs to go

That’s not a tax on the “rich” here in NJ, that’s a slap in the face to middle income earners.

We pay INSANE taxes that very few other places in this country do.

Someone else carry the burden, I’m tired of it.