Wealthiest 1% get richer under Dems' reckless tax-and-spend package

NEWYou can now listen to Fox News articles!

The Democrats’ self-stated effort to “change America,” and to do so unilaterally through the budget reconciliation process, has revolved around an ever-changing menu of tax hikes guided not by sound tax policy, but by the revenue they want to raise.   

These reckless tax hikes are being sold under the guise of “taxing the rich,” “leveling the playing field” or having people pay their “fair share.” The truth is Democrats seek to tax everyone, and a large portion of tax relief, if the state and local tax (SALT) cap is repealed, will go to the wealthiest 1%. 

Before the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, the SALT deduction was one of the biggest itemized deductions available to taxpayers, mainly benefiting wealthy individuals living in high-tax states

BERNIE SANDERS GETS HIS $5T BILL

The TCJA ended this federal subsidy, putting residents of California and Connecticut on more equal footing with residents of Idaho and West Virginia.   

Since then, members of Congress from high-tax states have been fighting to remove the cap. The SALT cap issue is awkward for Democrats, so it is no surprise it was not publicly debated during House consideration of

View Source