Democrats are the party of the wealthy, a flip from decades ago when it was the party of the poor and middle class.
Democrats represented 65% of taxpayers with a household income of $500,000 or more in 2020, according to IRS data, while 74% of taxpayers in Republican districts have household incomes of less than $100,000.
In 1993, the dynamic was reversed, with the typical Republican congressional district showing it was 14% wealthier than its Democratic counterpart. In 2020, data shows those Republican districts were now 13% poorer.
The data comes as some Democrats push to end former President Donald Trump’s 2017 tax law, which caps the federal deduction for state and local taxes at $10,000. The beneficiaries would predominantly be the 1% of the United States’s wealthiest households, with property owners in high-tax states benefiting from the relief on federal taxes.
https://www.washingtonexaminer.com/news/democrats-party-wealthy-irs-salt-tax-trump
Democrats represented 65% of taxpayers with a household income of $500,000 or more in 2020, according to IRS data, while 74% of taxpayers in Republican districts have household incomes of less than $100,000.
In 1993, the dynamic was reversed, with the typical Republican congressional district showing it was 14% wealthier than its Democratic counterpart. In 2020, data shows those Republican districts were now 13% poorer.
The data comes as some Democrats push to end former President Donald Trump’s 2017 tax law, which caps the federal deduction for state and local taxes at $10,000. The beneficiaries would predominantly be the 1% of the United States’s wealthiest households, with property owners in high-tax states benefiting from the relief on federal taxes.
https://www.washingtonexaminer.com/news/democrats-party-wealthy-irs-salt-tax-trump
