Wealthy Americans may get a tax cut 10 times bigger than a middle-class family in the Biden social spending bill
By HatetheSwamp November 12, 2021 3:40 am Category: Government (0.0 from 0 votes)
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You just, very simply, can't make this stuff up. Even for me, and I am convinced that Joe's the flatulent fool.
As a side note, this is the Swamp in action.
From The Business INSIDER:
Rich Americans could come out much further ahead of middle-class families in President Joe Biden's $1.75 trillion social spending bill.
Congressional Democrats are trying to raise the total amount of state and local taxes that people can deduct from their overall tax bills, known as the SALT cap. The House legislation lifts it to $80,000 from its current $10,000 cap through 2026, undoing part of President Donald Trump's signature tax law.
That measure alone would provide a tax cut to wealthy households that's 10 times bigger than the largest tax benefit for middle-income families earning $50,000 — the child-tax-credit expansion — a new analysis from the nonpartisan Committee for a Responsible Federal Budget indicated.
A middle-income family can expect to get in one year $2,600 in federal aid from the revamped child tax credit. That's in stark contrast to the $25,900 annual tax break that wealthy people earning above $1 million can expect from lawmakers raising the SALT cap.
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Comments on "Wealthy Americans may get a tax cut 10 times bigger than a middle-class family in the Biden social spending bill":
You just, very simply, can't make this stuff up. Even for me, and I am convinced that Joe's the flatulent fool.