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

Patric Hendershott, Brent W Ambrose, David C. Ling

    Research output: Contribution to specialist publicationArticle

    Abstract

    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.
    Original languageEnglish
    Specialist publicationThe Conversation
    PublisherThe Conversation UK
    Publication statusPublished - 23 Sep 2021

    Keywords

    • Democrats
    • Taxpayers
    • Income tax
    • Taxes
    • The wealthy
    • progressive
    • Billionaires
    • Quick reads
    • Homeownership
    • Corporate Tax Cut 2017
    • Middle-class
    • Infrastructure 2021

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