Posted on Nov 11, 2021
Most millionaires could get tax cut under House Dems' tax plan
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The Democrats tax relief for millionaires' kind of shoots a hole in their argument that Republicans cater to the rich.
Most millionaires would get a tax cut under House Democrats’ reconciliation plan, according to a new analysis that's sure to get lawmakers’ attention.
About two-thirds of people making more than $1 million would see a tax cut next year averaging $16,800, the Tax Policy Center said Thursday.
That’s primarily because Democrats are proposing to lift to $80,000, from $10,000, an annual cap on state and local tax deductions.
Most millionaires would get a tax cut under House Democrats’ reconciliation plan, according to a new analysis that's sure to get lawmakers’ attention.
About two-thirds of people making more than $1 million would see a tax cut next year averaging $16,800, the Tax Policy Center said Thursday.
That’s primarily because Democrats are proposing to lift to $80,000, from $10,000, an annual cap on state and local tax deductions.
Most millionaires could get tax cut under House Dems' tax plan
Posted from msn.com
Democrats
Congress
Taxes
Posted >1 y ago
Responses: 2
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I think that's the one called SALT. I believe the whole tax plan is up in the air right now. If all the Democrats don't get on board, Biden is going to have to keep Trump's tax plan to get the budget passed.
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Of course if this mess passes we will see an even bigger jump n inflation. We are going to be hurting.
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