Washington, D.C. – As Democrats fight for their ‘Build Back Broke’ spending plan that will fuel inflation and increase taxes on middle-class families, they are also fighting for their wealthy donors in blue states like New York and California by removing the cap on State and Local Tax (SALT) deductions.
Under the Democrats’ plan, “about 25% of the benefits would go to the top 0.1% of U.S. households, which would receive an average tax cut of $145,000, while 57% would benefit the top 1%, which would see an average cut of $33,100.”
This massive tax cut for the wealthy in blue states is the 2nd largest piece of the Democrats’ spending program. Meanwhile, 30% of middle-class families will see a tax HIKE under the Democrats’ bill.
This is just another example of how hypocritical the Democrat Party has become. After campaigning on taxing the rich to win elections, they are selling out American families for their own financial benefit.
But not all Democrats are a fan of this move and aren’t afraid to call it for what it is. “You can’t be a political party that talks about demanding the wealthy pay their fair share of taxes and then end up with a bill that gives large tax breaks to many millionaires,” said Sen. Bernie Sanders. “You can’t do that. The hypocrisy is too strong. It’s bad policy, it’s bad politics.” – POLITICO
Yet Senate hopefuls Tim Ryan, Val Demings and Conor Lamb are ALL IN on their party’s radical agenda, including massive tax cuts for the wealthy in New York and California and tax increases for the people of Florida, Pennsylvania and Ohio.
###