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US: SALT Cap Repeal Would Overwhelmingly Benefit High Income Households
Households making $1 million or more a year would receive half the benefit of repealing the $10,000 federal cap on the state and local tax...
SALT Cap Repeal Would Overwhelmingly Benefit High Income Households
Households making $1 million or more a year would receive half the benefit of repealing the $10,000 federal cap on the state and local tax (SALT) deduction, according to new estimates by the Tax Policy Center. Seventy percent of the benefit would go to those making $500,000 or more.
At the same time, 96 percent of middle-income households, those making between about $52,000 and $93,000 annually, would get no tax reduction at all. The 4 percent that would benefit would receive an average tax cut of about $400.
By contrast, 93 percent of those making $1 million or more would get a tax cut, averaging about $48,000...
"Anything the Trump administration did must be wrong." This view is a guiding principle of many Democrats. The principle seems to apply even to a limit that Trump's 2017 tax laws put on a tax deduction for rich homeowners.
"...there’s an obvious contest that’s happening between different sectors of the colonial ruling class in this country. And they would, if they could, lump us into their beef, their struggle." ---- Omali Yeshitela, African People’s Socialist Party
(My posts are not intended as advice or professional assessments of any kind.) Never forget Excalibur.
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