Democrats: $625B Tax Cut for Wealthy Elite ‘Essential’ Ahead of MidtermsJohn Binder 11 Jan 2022
Democrats say cutting hundreds of billions of dollars in taxes for mostly wealthy income-earners in coastal states is “essential” to getting reelected in this year’s midterm elections.
In November, House Democrats passed President Joe Biden’s “Build Back Better Act” which includes billions in tax breaks to the wealthiest residents of blue states. Specifically, the plan would give a tax cut to about 67 percent of the nation’s richest Americans — those earning more than $885,000 every year — costing taxpayers about $625 billion.
Under Biden’s plan, those in the top one percent would receive an average tax cut of more than $16,000 this year. The tax cuts for the wealthy would be a result of the plan’s increasing the State and Local Tax (SALT) deduction cap.
Ahead of the midterm elections in November, House Democrats are warning their rich donors that they must get out and vote for them to secure the massive tax cut. Rep. Sean Patrick Maloney (D-NY) called the tax cuts for the rich “essential” in an interview with Bloomberg News.
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https://www.breitbart.com/economy/2022/01/11/democrats-625b-tax-cut-for-wealthy-elite-essential-ahead-of-midterms/
