Joe Biden, Democrats Seek $625 Billion Tax Cut for Wealthy Coastal Elites

President Joe Biden’s “Build Back Better Act,” a filibuster-proof $1.75 trillion budget reconciliation package, gives $625 billion in tax cuts to the nation’s wealthiest blue state residents.

Slipped into the reconciliation package are hundreds of billions of dollars worth of tax cuts for the Democrat Party’s wealthiest donors, that would be paid for by America’s working and middle class.

A newly released analysis of Biden’s budget finds that plans to increase the State and Local Tax (SALT) deduction cap from its current $10,000 to $80,000 would effectively amount to a $625 billion tax for the wealthiest of Americans living in blue states.

The analysis reveals that “a household making $1 million per year will receive ten times as much from SALT cap relief as a middle-class family will receive from the child tax credit expansion.”

(Chart via Committee for a Responsible Federal Budget)

“Roughly 98 percent of the benefit from the increase would accrue to those making more than $100,000 per year, with more than 80 percent going to those making over $200,000,” prior analysis from the Committee for a Responsible Federal Budget noted. – READ MORE

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