Friday, November 05, 2021

Biden to cut taxes on billionaires?

  Bernie Sanders described a new proposal for the Democrats' reduced $1.75 spending bill as "beyond unacceptable."

 A new addition to the proposed budget would repeal the $10,000 cap on federal deductions for state and local taxes, a move that has long been championed by some Democratic lawmakers, who believe the Trump-era law unfairly affected people in high-tax blue states like New Jersey and California.

It had a particular impact on people with properties in more than one state, who were unable to deduct large state tax obligations from their federal tax bill.

One analysis found could end up delivering a huge tax cut to the wealthiest Americans.

The analysis by the Committee for a Responsible Federal Budget projected that a repeal of the cap could end up costing the federal government far more than any proposed higher taxes on the wealthy and would result in a $30 billion net direct tax cut for the wealthiest 5% of Americans.

'Beyond unacceptable': Bernie Sanders slams Democrats' $1.75 trillion spending package after analysis said it would cut taxes for the rich (

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