Wednesday, December 18, 2019

Pre And Post SALT Deduction Tax Cap Chart Shows Wealthy Benefit The Most From SALT Deduction

From Reason, "Eat The Rich? House Democrats Plan To Pass Huge Tax Break for Wealthy Homeowners. The party that's calling for huge tax increases on the wealthy is about to hand wealthier Americans a big tax break that will add to the federal budget." by Eric Boehm:
Democrats are trying to sell the repeal of the SALT caps as a middle-class tax break, but historical evidence shows that it almost exclusively benefits high-earning homeowners who live in parts of the country where you must pay high taxes.
Source: reason 
"Jurisdictions with higher-income residents received more of a benefit than those with lower-income residents," Nicole Kaeding, a vice president at the Tax Foundation, a nonpartisan tax policy center, explained to the House Ways and Means Committee at a hearing earlier this year. "In some ways, it allowed high-tax states and localities to export their tax liabilities to taxpayers in other states, particularly low-tax, low-income states."

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