In an effort to appease Blue city moderates in high tax cities like NY and NJ and California moderates INSISTED that BBB do away with the $10,000 SALT deduction put in place by the Trump Administration during their tax cuts. You remember NY representatives were up in arms over that cap. For those having difficulties here SALT stands for State and Local Taxes mostly Real Estate Property tax deductions. Currently the cap is $10,000 that can be deducted.
Moderates want it repealed. Bernie Sanders is crapping his trousers.
Who benefits the MOST from repealing this cap on this deduction? THE RICHEST in America that's who.
Repealing the SALT Cap is Regressive
The benefits of SALT cap repeal go almost exclusively to high earners. Over half the benefit would go to the top 1 percent of earners, who would receive an average tax cut of $35,660 per household, according to data from the Tax Policy Center. Nearly 96 percent of the benefit would go to the top 20 percent of earners.
While the effects of the SALT cap deduction differ by location, SALT cap repeal is highly regressive in every single state, according to the Institute on Taxation and Economic Policy (ITEP). In New York, for example, the top one percent would enjoy almost two-thirds of the benefit with an average tax cut of $93,600 per household ($146,790 inclusive of tax cuts form the TCJA). Meanwhile, those in the middle quintile would receive an average tax cut of only $20 from SALT cap repeal.
Don't LISTEN TO THEIR WORDS LOOK AT THEIR ACTIONS!!!!
Hypocrisy with liberals knows no bounds.
I find this laughable! If moderates don't get this BBB is in more trouble!!
THE RICH MUST PAY THEIR FAIR SHARE!!!!!!!!!!!!!!!!!!!
Moderates want it repealed. Bernie Sanders is crapping his trousers.
Who benefits the MOST from repealing this cap on this deduction? THE RICHEST in America that's who.
Repealing the SALT Cap is Regressive
The benefits of SALT cap repeal go almost exclusively to high earners. Over half the benefit would go to the top 1 percent of earners, who would receive an average tax cut of $35,660 per household, according to data from the Tax Policy Center. Nearly 96 percent of the benefit would go to the top 20 percent of earners.
While the effects of the SALT cap deduction differ by location, SALT cap repeal is highly regressive in every single state, according to the Institute on Taxation and Economic Policy (ITEP). In New York, for example, the top one percent would enjoy almost two-thirds of the benefit with an average tax cut of $93,600 per household ($146,790 inclusive of tax cuts form the TCJA). Meanwhile, those in the middle quintile would receive an average tax cut of only $20 from SALT cap repeal.
Don't LISTEN TO THEIR WORDS LOOK AT THEIR ACTIONS!!!!
Hypocrisy with liberals knows no bounds.
I find this laughable! If moderates don't get this BBB is in more trouble!!
THE RICH MUST PAY THEIR FAIR SHARE!!!!!!!!!!!!!!!!!!!
