They propose increasing the cap on SALT deductions. Board libs say the Trump tax cuts only benefit the rich and that the SALT deduction limits were targeted at middle class taxpayers in blue states.
The effect of the proposal to increase the SALT deduction limit to $30k and raising the top rate back to 39.6%
"Overall, this proposal would make the tax code less progressive. We estimate it would have no impact on taxpayers in the bottom three income quintiles and a negligible impact on taxpayers in the third and fourth quintiles. These taxpayers currently benefit from the new large standard deduction. However, taxpayers in the top 5 and 1 percent of income earners would see an increase in after-tax income of 0.82 percent and 0.42 percent respectively."
https://www.washingtonexaminer.com/...tax-cuts-for-the-rich-in-pursuing-salt-reform
The effect of the proposal to increase the SALT deduction limit to $30k and raising the top rate back to 39.6%
"Overall, this proposal would make the tax code less progressive. We estimate it would have no impact on taxpayers in the bottom three income quintiles and a negligible impact on taxpayers in the third and fourth quintiles. These taxpayers currently benefit from the new large standard deduction. However, taxpayers in the top 5 and 1 percent of income earners would see an increase in after-tax income of 0.82 percent and 0.42 percent respectively."
https://www.washingtonexaminer.com/...tax-cuts-for-the-rich-in-pursuing-salt-reform
