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Shock tax relief for Biden’s wealthy cronies is the 2nd biggest in ‘Building Back Better’

If there’s one consistent talking point that President Joe Biden and his allies have used to push Build Back Better, it’s the promise that the wealthy will fund by forcing them to pay a “fair share”.

“I think it’s time we started giving tax breaks and tax credits to working and middle-class families, rather than just the very wealthy,” Biden said. speak while delivering its social spending proposal in May.

“I intend to lower taxes for working-class people and make people pay them fairly,” he added.

In September, he tweeted, “I’m sick and tired of the mega-rich and giant corporations not paying their fair share of taxes. It’s time for it to change.”

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Well, it turned out to be the second most expensive item in Build back better is a tax break that benefits the wealthiest Americans, mostly in the blue states.

washington articles reported $285 billion in tax cuts that will come in the form of an increase in the amount people can deduct from their federal income tax bill, based on state and local income taxes paid .

These are called SALT deductions.

The Tax Cuts and Jobs Act of 2017 passed under former President Donald Trump set a SALT cap at $10,000 and Democrats want to raise it to $80,000.

Who will benefit from this? People in high tax blue states such as New York, New Jersey and California.

NS Tax Policy Center calculated that 94 percent of the tax relief that would come from the new higher SALT ceiling would go to the top 20 percent of wage earners.

And breaking it down even further, the top 5 percent will get about 70 percent of the benefit.

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Furthermore, an analysis of Responsible Federal Budget Committee determined that a household of four in Washington, DC, “earning $1 million per year would receive 10 times as much from the SALT limited relief as a middle-class family would receive from opening a extend the child tax credit” proposed in Build Back Better.

“We are debating whether to give middle- and lower-class families a thousand dollars a year through the child tax credit, while giving upper-class families $10,000. up through SALT,” Marc Goldwein, senior policy director at CRFB, told the Post.

“That’s the opposite of everything Democrats have said about Build Back Better and everything they’ve said about Trump’s tax cuts.”

Are you opposed to passing Build Back Better?

Democrats like Biden, House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer continuous and lie Evaluate Trump’s tax cuts as a gift to the rich, despite provisions like SALT limits and generous tax breaks for lower- and middle-income families.

Here’s another hit from Build Back Better: In fact, taxes would go up for a significant number of middle-income families, contrary to Biden’s claim only the wealthy would pay.

In Scranton, Pennsylvania, last month, Biden said, “I assure you that no one making less than $400,000 a year will see a penny in taxes go up. Not one.”

In fact, he describes his plan as “a tax cut for the working class.”

Left-wing tax policy center identify “About 20% to 30% of middle-income households will pay more in taxes by 2022,” if Build Back Better becomes law.

The group estimates that the tax increase for low- and middle-income Americans will be insignificant — $100 or less per year. Those making $200,000 to $500,000 will pay an additional $230 per year.

That’s more than a cent increase, of course, and certainly not a tax cut.

With America already inundated debt, spending unspecified trillions to launch open-benefit programs in Build Back Better was an unattractive prospect from the start.

And the more we learn, the less attractive the law, or more precisely, the less acceptable the law becomes.

Randy DeSoto has written more than 2,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University Law School. He is the author of the book “We Hold These Truths” and the screenwriter of the political documentary “I Want Your Money”.

Place of birth

Harrisburg, Pennsylvania

nationality

American

Trophies / Awards

List of deans graduating from West Point

Education

United States Military Academy at West Point, Regent . University Law School

Books written

We hold these truths

professional member

Bars in Virginia and Pennsylvania

Location

Phoenix, Arizona

Spoken language

English

Professional topics

Politics, Entertainment, Belief



https://www.westernjournal.com/shocking-tax-break-bidens-rich-buddies-2nd-biggest-item-build-back-better/ Shock tax relief for Biden’s wealthy cronies is the 2nd biggest in ‘Building Back Better’

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