Joe Biden, Democrats Seek $625 Billion Tax Cut for Wealthy Elites

Why is there even such a controversial deduction in federal tax laws!

"... A newly released analysis of Biden’s budget finds that plans to increase the State and Local Tax (SALT) deduction cap from its current $10,000 to $80,000 would effectively amount to a $625 billion tax for the wealthiest of Americans living in blue states.

The analysis reveals that “a household making $1 million per year will receive ten times as much from SALT cap relief as a middle-class family will receive from the child tax credit expansion.” ...
In 2017, former President Trump had the SALT deduction capped at $10,000. Since then, Democrats have sought to deliver their wealthy, blue state donors with a massive tax cut by eliminating the cap altogether or greatly increasing it. ..."

Joe Biden, Democrats Seek $625 Billion Tax Cut for Wealthy Coastal Elites President Joe Biden’s “Build Back Better Act,” a filibuster-proof $1.75 trillion budget reconciliation package, gives $625 billion in tax cuts to the nation’s wealthiest blue state residents.