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Biden Giving Bigger Tax Cuts To The Rich.

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  • Biden Giving Bigger Tax Cuts To The Rich.

    Wealthy Americans may get a tax cut 10 times bigger than a middle class family in the Biden social spending bill (
    • Democrats are about to include a massive tax cut for the wealthy in their social spending plan.
    • The plan could deliver much larger benefits to high-earners compared to middle-income families.
    • Democrats argue that passage of the SALT cap in the Trump tax law was punitive to blue-state voters.

    Rich Americans could come out much further ahead of middle-class families in President Joe Biden's $1.75 trillion social spending bill.
    Congressional Democrats are trying to raise the total amount of state and local taxes that people can deduct from their overall tax bills, known as the SALT cap. The House legislation lifts it to $80,000 from it's current $10,000 cap through 2026, undoing part of President Donald Trump's signature tax law.

    That measure alone will provide a tax cut to wealthy households that's 10 times bigger than the largest tax benefit for middle-income families earning $50,000 - the child tax credit expansion - per a new analysis from the nonpartisan Committee for a Responsible Federal Budget.