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Wealthy Americans may get a tax cut 10 times bigger than a middle-class family in the Biden social spending bill

By HatetheSwamp
November 12, 2021 3:40 am
Category: Government
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You just, very simply, can't make this stuff up. Even for me, and I am convinced that Joe's the flatulent fool.

As a side note, this is the Swamp in action.

From The Business INSIDER:

Rich Americans could come out much further ahead of middle-class families in President Joe Biden's $1.75 trillion social spending bill.

Congressional Democrats are trying to raise the total amount of state and local taxes that people can deduct from their overall tax bills, known as the SALT cap. The House legislation lifts it to $80,000 from its current $10,000 cap through 2026, undoing part of President Donald Trump's signature tax law.

That measure alone would provide a tax cut to wealthy households that's 10 times bigger than the largest tax benefit for middle-income families earning $50,000 the child-tax-credit expansion a new analysis from the nonpartisan Committee for a Responsible Federal Budget indicated.

A middle-income family can expect to get in one year $2,600 in federal aid from the revamped child tax credit. That's in stark contrast to the $25,900 annual tax break that wealthy people earning above $1 million can expect from lawmakers raising the SALT cap.


Cited and related links:

  1. businessinsider.com


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Comments:

  1. by Donna on November 12, 2021 7:46 am
    I don't like it, but they're trying to schmooze centrist Democrats into supporting the reconciliation bill (aka Build Back Better).


  2. by HatetheSwamp on November 12, 2021 7:49 am

    Certainly.

    But it's an act of desperation. Don't you agree?


  3. by Donna on November 12, 2021 8:08 am
    You do what you can to pass the bill. It would be worse if the bill wasn't passed at all.

    The bill is still a work in progress. Bernie and some Dem lawmakers are advocating for removing it, though. This sort of negotiating is typical for a bill this size.

    Whenever I ask progressives who say that Bernie and other progressive lawmakers aren't fighting hard enough what they would do to het the bill passed, they never have an answer, and then they get angry at me.


  4. by HatetheSwamp on November 12, 2021 8:23 am

    It seems to me that all of the maneuvers that may make the bill more palatable in the House will make it all the more offensive to Joe Manchin, and probably Kyrsten Sinema, too.

    I'll predict here and now that some form of the Bill will pass but it will be so seriously gutted that, apart from the moral victory, it won't please you and it won't do the good you hope to see done.

    And, it will kill the Dems' chances in 022.




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