Some rich people will love at least one sweetener in Democrats’ $3.5 trillion plan

  • Patric Hendershott

Press/Media: Articles in 'The Conversation'

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While liberal lawmakers look for ways to raise taxes on the rich to finance their US$3.5 trillion spending package, some House Democrats are aiming to lower them.

Specifically, several Democrats from high-tax states such as New York and New Jersey want to eliminate or at least raise the $10,000 cap on the federal deduction of state and local taxes – also known as SALT – as part of the bill. The Democrats argue lifting the cap would help middle-class taxpayers and support homeownership.

Period23 Sep 2021

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