Post by Admin on Nov 23, 2021 20:38:44 GMT
Wealthy Americans may get a tax cut 10 times bigger than a middle-class family in the Biden social spending bill
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.
www.businessinsider.com/biden-tax-cuts-families-salt-social-spending-bill-2021-11
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.
www.businessinsider.com/biden-tax-cuts-families-salt-social-spending-bill-2021-11