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Dems To Sneek Tax break for the rich into the BBB Bill
[Yahoo]
  • Democrats are ready to repeal a Trump-era policy that cut tax breaks for residents of wealthy states.

  • Democrats have previously argued that capping the deduction for local taxes impacts wealthier blue states more.

  • However, one budget expert calls it a "gigantic expensive tax cut for the rich."

Democrats are about to include a tax break in their $1.75 trillion social spending plan that will overwhelmingly benefit higher-earning Americans.

On Tuesday, Rep. Josh Gottheimer
(Dem representing NJ-5)
of New Jersey wrote on Twitter that the provision had been added into the plan. A Democratic aide familiar with negotiations told Insider that Democrats were eyeing a five-year tax break that runs through 2025, a development first reported by Punchbowl News.

The break would also be retroactive to this year.

Posted by: Lord Garth 2021-11-03
http://www.rantburg.com/poparticle.php?ID=616630