Quote:
Originally Posted by Jim in CT
Bidens plan would expand SALT deductions to 80,000 a year. You tell me, what's the economic status of people who pay $80,000 a year in state and local taxes? Why is Biden giving them help?
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Fiscally it actually makes some sense. Trump's 10k SALT limit was to pay for the large corporate tax breaks but it expires in 2025 and returns to be unlimited. The current proposal in the House does raise the cap but it keeps it there for 10 years before it expires.
Politically it is problematic, they need to be promoting it in a very clear way as most people don't dig into the details. Long term it's actually a tax increase on the wealthy.