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ICYMI: This Is Rich: Democrats Fight To Protect The Top 1%

- October 24, 2017

This Is Rich: Democrats Fight To Protect A $1.8 Trillion Tax Break That Benefits The Top 1%
Investor's Business Daily
Editorial Board
October 23, 2017

"One provision of the Republican's tax-cutting plan that has drawn intense opposition from Democrats is the elimination of state and local tax deductions for those who itemize.

"This SALT deduction, as it's sometimes called, will cost the federal government $1.8 trillion over the next decade, according to the Tax Foundation.

"And the benefits go almost entirely to upper-income families.

"As a result, 88 percent of the $1.8 trillion cost of this tax break goes to the 10 percent of families with incomes above $100,000.

"And since the GOP plan would nearly double the standard deduction, the cost of getting rid of the SALT tax break will be even more concentrated among upper-income families.

"So why are Democrats so intent on keeping it?

"To understand that, you also have to also understand that the benefits of the SALT deduction are heavily skewed toward wealthy high-tax states, for the simple reason that the more someone pays in state and local taxes, the more they can deduct from federal income taxes.

"Not only are these high-tax states, but they all just happen to be heavily Democratic. (Hillary Clinton had an average 21.6-point margin of victory in these seven states.)

"In effect, then, the SALT tax break has turned into a massive federal subsidy of profligate liberal states, paid for by fiscally conservative states.

"That's why Democrats are so determined to keep it. Not because they care about working class families, but because they don't want to see their rich friends who live in deep-blue states get hurt."

 

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