“This Is Beyond Unacceptable”: Bernie Rages As House Dems Propose Massive Tax Break For Millionaires

“This Is Beyond Unacceptable”: Bernie Rages As House Dems Propose Massive Tax Break For Millionaires

While Democrats are scrambling to justify massive tax increases to pay for their massive spending plans, House dems snuck in a massive tax break for the wealthy into their proposed tax-and-spending proposal by lifting the cap on the federal deduction for state and local taxes (SALT), which currently stands at  $10,000 as part of former President Donald Trump’s tax plan.

The new plan would lift the cap to $72,500 through 2031, and would be retroactive to the start of this year, according to Bloomberg, citing the House Rules Committee’s website, which offers no plan for how they’re going to ‘pay’ for it.

Lifting or removing the cap has been a priority of Democrats living in high-cost coastal states, whose wealthy constituents want their deduction back. Republicans in neighboring states argue this is just going to shift the tax burden to lower-income areas in order to pay for the Democratic agenda.

According to the Tax Foundation, around 80% of the benefit would go to those earning more than $200,000, with the biggest winners being those making between $250K and $1 million.

Updated @TaxFoundation distributional estimate for raising the SALT cap to $72,500. About 80% of the benefit goes to those earning over $200K.

Biggest winners are those earning between $250K and $1M. https://t.co/DuSWgcIsU4 pic.twitter.com/xpyNtrGgjQ

— Garrett Watson (@GS_Watson) November 3, 2021

Sen. Bernie Sanders of Vermont (I) railed against raising the SALT cap on Tuesday when the plan was a full reinstatement of the deduction, describing it in a tweet as “beyond unacceptable.

As a result, the top 1% would pay lower taxes after passage of the Build Back Better plan than they did after the Trump tax cut in 2017. This is beyond unacceptable.

— Bernie Sanders (@SenSanders) November 2, 2021

Sanders added that “the last thing we should be doing is giving more tax breaks to the very rich.”

At a time of massive income and wealth inequality, the last thing we should be doing is giving more tax breaks to the very rich. Democrats campaigned and won on an agenda that demands that the very wealthy finally pay their fair share, not one that gives them more tax breaks.

— Bernie Sanders (@SenSanders) November 2, 2021

Maybe he should put his money where his mouth is and vow to vote against it?

Tyler Durden
Wed, 11/03/2021 – 16:40

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