Democrats have now added a new provision to Joe Biden’s massive new social spending bill which will drastically cut taxes for many wealthy Americans.
The Details: The provision calls for the itemized deduction cap for state and local taxes (SALT) to be raised from $10,000 to $80,000.
The extended cap would be in effect through 2030 at which time it would return to the original cap of $10,000
Why it’s Important: Though Democrats have claimed the provision would help ‘middle class’ families in reality most of the benefits would go to upper income brackets, those making $254,000 to $867,000 per year. Potentially calling into questions Democrats’ long time claims to being a party of the poor and working class.
What People are Saying: