The single biggest provision in Biden bill in first half-decade is tax cut for wealthy

The most expensive item over the first half-decade of President Joe Biden’s climate and social spending legislation is a tax cut for the wealthy.

The Democratic Build Back Better Act, which passed the House on Friday morning, raises the current $10,000 cap on federal tax deductions for state and local taxes to $80,000, a move that leads to a significant tax cut for high earners in states with high taxes.

The provision dwarfs many of the other priorities in the legislation and was included under pressure from a vocal contingent of Democrats from high-tax blue states.

The nonpartisan Committee for a Responsible Federal Budget said that increasing the SALT cap to $80,000 through 2025 would end up costing the federal government $275 billion in revenue — an amount that is $5 billion more than the next costliest provision in the Build Back Better Act.

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Author: HP McLovincraft

Seeker of rabbit holes. Pessimist. Libertine. Contrarian. Your huckleberry. Possibly true tales of sanity-blasting horror also known as abject reality. Prepare yourself. Veteran of a thousand psychic wars. I have seen the fnords. Deplatformed on Tumblr and Twitter.

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