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.
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 language | English |
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Specialist publication | The Conversation |
Publisher | The Conversation UK |
Publication status | Published - 23 Sept 2021 |
Keywords
- Democrats
- Taxpayers
- Income tax
- Taxes
- The wealthy
- progressive
- Billionaires
- Quick reads
- Homeownership
- Corporate Tax Cut 2017
- Middle-class
- Infrastructure 2021