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.
CLICK HERE to watch our video where even Democrats admit the SALT cap repeal goes to the rich.
- 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.