Opinion | Democrats are trying to sneak in a massive and unnecessary tax cut for the rich as part of their Build Back Better plan. It's absurd. By HaglundJG.
, would see a $23,000 annual tax cut. No matter how you spin it, SALT cap changes end up benefiting the wealthy at the expense of low-and-middle income households. In particular, SALT cap repeal would overwhelmingly benefit high earners from select states with high state and local taxes. Oneconcludes that more than 50% of the benefits of SALT cap repeal would accrue to just four states: California, New York, New Jersey, and Illinois.
As a simple matter of fairness, people with the same income and life circumstances should have the same federal tax liability. Reinstating the full SALT deduction makes that impossible. It would result in similarly situated people in low-tax states paying a bigger federal tax bill than those in high-tax states. Put more simply, people in low-tax states pay more for the same federal services. That's unfair and represents an income transfer from low-tax states to high-tax ones.
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