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Topic: Dems demand tax break for the very rich

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HK_Vol

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Dems demand tax break for the very rich
« on: April 19, 2021, 05:45:18 AM »
https://www.theepochtimes.com/repealing-trumps-salt-cap-deemed-unpopular-as-it-benefits-rich_3781048.html


SNIP:
“It is high time that Congress reinstates the State and Local Tax deduction, so we can get more dollars back into the pockets of so many struggling families—especially as we recover from the pandemic,” SALT Caucus co-Chair Rep. Josh Gottheimer (D-N.J.) said in a statement. The group said it would seek ways to restore the SALT deduction.

According to Tax Policy Center estimates, however, almost all benefits of repealing the $10,000 SALT cap would go to the top quintile, with the top 1 percent getting an average tax cut of $33,100 and 0.1 percent receiving nearly $145,000.

Lifting the SALT cap would give essentially no benefit to the middle class, contrary to what Democrats and some Republicans have argued,” a Brookings Institution report stated last year. “Only 4 percent of the benefit would go the middle class, “for an average annual tax cut of a little less than $27.”


Last year, ITEP estimated that repealing the cap would cost more than $90 billion in a single year, with 86 percent of the benefit going to the richest 5 percent.

In a letter to shareholders dated April 7, Jamie Dimon, chairman and CEO of JPMorgan Chase, took aim at five states—California, Connecticut, Illinois, New Jersey, and New York—that continue to demand “unlimited” SALT deductions, saying that while those five states would “reap 40 percent of the benefit,” more than 80 percent of those deductions would “accrue to people earning more than $339,000 a year.”






Cincydawg

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Re: Dems demand tax break for the very rich
« Reply #1 on: April 19, 2021, 06:34:29 AM »
The coverage on this could be interesting.

highVOLtage

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Re: Dems demand tax break for the very rich
« Reply #2 on: April 19, 2021, 08:17:33 AM »
The coverage on this could be interesting.

The corporate media coverage on this will basically be nonexistent, or at least any honest coverage on who it would actually benefit.

 

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