Author Topic: Taxpayers foot $200B bill in Dems’ deduction plan for wealthy blue state residents  (Read 71 times)

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Taxpayers foot $200B bill in Dems’ deduction plan for wealthy blue state residents

 By Haris Alic - The Washington Times - Thursday, November 4, 2021

A proposal by vulnerable House Democrats to restore a lucrative deduction for wealthy blue state residents will cost taxpayers more than $200 billion by 2025.

The Joint Committee on Taxation detailed the figure in a Thursday report analyzing the tax proposals House Democrats want to include in President Biden’s social welfare bill. According to the analysis, restoring the state and local tax (SALT) deduction would cost the country more than $200 billion over the next five years.

SALT allows individuals annually to write off a portion of their state and local taxes. The lucrative tax break is utilized by residents from predominantly Democratic coastal areas, where the state and local tax burdens are especially high.

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