Tax Relief from the Biden administration
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By eliminating the cap on the State and Local Tax (SALT) deduction, Biden's plan would benefit rich Americans in places like New York (home to Senate Majority Leader Chuck Schumer) and California (home to House Speaker Nancy Pelosi).
Among other things, the Biden bill would repeal the part of the 2017 Tax Cuts and Jobs Act that caps the SALT deduction at $10,000. Tax experts at the Tax Policy Center estimated in 2018 that repealing the $10,000 SALT limit would primarily benefit families in the top 5% of income earners around the country.
The Center reported that more than 82% of the benefits of the policy would flow to households in the 95th to 100th percentile of cash income, with households in the top 1% receiving an average tax break of $31,380 and households in the top 0.1% pocketing an average $142,590 in tax relief.
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Maybe we could balance it out with a capital gains tax increase, hitting approximately the same top X%.
But, on principle, don’t make me pay taxes on my taxes.
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