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Democrats include SALT deduction in Build Back Better Bill
State and local tax (SALT) deduction was included in the Tax Cut and Jobs Act, passed under President Trump in 2017, which limits the amount of money people must pay in state and local taxes. The Democrats, who seemed to be resisting the withdrawal at the time, included it in the reconciliation Build Back Better Bill with a few changes. One, instead of a limit of $ 10,000, is increased to $ 80,000. Progressive members of the Democratic Group have blown the measure as it provides benefits to the top twenty percent of earners.
The Urban Institute, see what would happen “if Congress allowed the full SALT deduction for those making less than $ 400,000 and the $ 10,000 cap for those between 400,000 and Earning $ 500,000 of Adjusted Gross Income (AGI), Gradually Recovering? ” The researchers found that “88 percent of the benefit would go to the top 20 percent and 41 percent to the top five percent.” Continue reading.
https://en.as.com/en/2021/11/20/latest_news/1637400563_986842.html
