Dem Rep. Josh Gottheimer from New Jersey announced the reinstatement of the SALT deduction to the final Build Back Better bill.
In other words, this is a massive tax cut for the rich, primarily in blue states:
Great news! Here come tax cuts for New Jersey families!
Reinstating the State and Local Tax (SALT) deduction will be in the final legislative package. Now, we need to get it to the floor for a vote.
We’re going to get this done.
— Rep Josh Gottheimer (@RepJoshG) November 2, 2021
Good job, Dems:
“the Democrats!” https://t.co/ceNJq5tiMh
— ryan cooper (@ryanlcooper) November 2, 2021
Needless to say, this isn’t going over well with fellow progs:
this is as shameful as any individual moment of the last six months of negotiations. pitiful beyond measure. https://t.co/BMOjF3tEx1
— Alex Sammon (@alex_sammon) November 2, 2021
Fact check: TRUE!
After years of railing against Bush’s and Trump’s tax cuts for the rich, Democrats are about to pass an enormous tax cut for the rich. https://t.co/AHgQ3IUZQw
— German Lopez (@germanrlopez) November 2, 2021
The tax cut, by the numbers:
Eliminating the SALT cap is a tax cut for *wealthy* New Jersey families. It costs $100 billion per year and the benefits accrue almost exclusively to the wealthy. https://t.co/kuoTFCoVPN https://t.co/rI1FTDqdYR pic.twitter.com/erW5j7qfDz
— Kevin 👐 Glass (@KevinWGlass) November 2, 2021
What a complete a total clown show:
This would be a $500 BILLION TAX CUT, with over $400 billion going to the top 5% of households.
This is more than they are spending on ANYTHING ELSE in the bill. It’s 2.5x as much as they are spending on child tax credit and EITC combined! https://t.co/LqJaXXYihJ
— Marc Goldwein – GET VAXXED! (@MarcGoldwein) November 2, 2021